Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to rise towards of 10,300 and 10,380 points, analysts told Mubasher.
They added that at these levels the bourse will incur profit-taking pressures following a 10-session rise on the back of the decision to float currency exchange prices.
The EGX30 index is expected to close in on 10,350 points then begin profit-taking, which will bring it down to the level of 10,000 points, said Osool ESB Securities Brokerage general manager Saeed El Fekky.
The EGX is currently seeing relative stability, and there are no fears regarding the upcoming profit-taking moves, he noted, highlighting that a rise is expected on both the medium and long terms.
The benchmark index will target 12,000 points by the end of the fourth quarter of 2016, he stated.
EGX indices ended Wednesday in the green, following a collective rise of its sectors, for the 10th session in a row, as market capital gained EGP 8.5 billion backed by strong buying by foreign and Arab investors.
The positive impacts of floating the price of the dollar added to opening the limits for foreign currency withdrawals and deposits as well as allowing profits to be transferred abroad have all helped the EGX, commented Hoda El Menshawy, head of research at Egyptian Group Securities.
Egypt is set to receive its first tranche of the International Monetary Fund’s (IMF) loan soon, which will also contribute to boosting the bourse, she added.
