Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to target the 13,000-0100 zone this week and to witness corrections after a strong pattern of rises on the Egyptian pound’s free flotation, analysts told Mubasher.
The main index is likely to have resistance at the 13,100 zone, while having support at the 12,625-534 area, said Ayman Fouda, head of capital market committee at the African Economic Council, advising traders to selectively build profitable positions and save liquid money for buying on the dip.
MubasherTrade Research said, “The index continued rising to end the week on a positive note at 12,824, recording a new high on average volume”.
In case the bourse holds above the level 12,540, a further rise towards the next target 12,850 then 13,000 is expected, the research agency added, clarifying that “trading is recommended as long as it holds above 12,180.”
Cairo bourse closed Thursday in the green zone on a remarkable buying activity led by Arab and foreign investors. The main gauge added 1.71% or 215.8 points to 12,824.3 points.
