Cairo – Mubasher: The decline of the Egyptian Exchange’s (EGX) indices is expected to be toned down in the coming week, as the demand on blue chips begins to pick up and investor concerns over the bourse manipulation case mitigated following the release of Mubarak’s two sons.
Earlier in September, Cairo Criminal Court ordered the arrest of ousted Egyptian President Hosni Mubarak’s two sons, Gamal and Alaa, for making unlawful profits through dealing in shares of Al Watany Bank of Egypt (AWB).
The bourse’s negative performance is expected to continue on Sunday, albeit in a lower rate, with the help of some selective purchases of blue chips, head of capital market committee at the African Economic Council Ayman Fouda commented.
The EGX’s benchmark index will see a short-term resistance at 14,317-14,468 points and support at 13,097-13,675 points, which will be replaced by a 13,400-point floor if the index break below it, he added.
The EGX30 is expected to rise and target 14,500 points, branch manager of Osool ESB Securities Brokerage Saeed El Feki said.
The EGX went down due to a set of local and global factors including the US-China trade war, El Feki noted.
