Cairo – Mubasher: The Egyptian Exchange’s next target is contingent on breaking the mark of 7,600 and 7,700, said analysts, regarding any effects on EGX due to Doha output talks’ failure improbable.
Yesterday, the world’s largest oil exporters failed to reach a deal to freeze oil output for lack of common grounds, which sent oil prices reeling.
Ahmed Abdel Hamid, managing director of Watheeqa Securities, said EGX is likely to keep moving upwardly to the resistance level of 7,600 and 7,700 backed by a bunch of financial agreements between Egypt and France.
Both countries have signed agreements and cooperative frameworks worth €1.8 billion on the French President Francois Hollande’s visit to Egypt.
Mona Hassan, Chief technical analyst at Mubasher, said the main gauge ended Sunday amid medium trade volumes, trying to break the mark of 7,600. She expected EGX30, if the former mark is broken, to target 7,850 points. Until the main gauge hits this mark, partial profit-taking is recommended, Mona added.
Yesterday, the benchmark added 53.92 points, or 0.72%, to settle at 7,517 points.
