Cairo – Mubasher: Sunday’s session on the Egyptian Stock Exchange (EGX) is set to be an important and decisive session and may reinforce confidence in the market, analysts told Mubasher.
The bourse will test important support and resistance levels this week, they said, noting that it is unlikely that the EGX will be affected by Standard and Poor’s (S&P) ratings action on Egypt last week.
Sunday’s session is an important one this week that may renew confidence if the market continues its rise towards important support levels on the short-term, testing the levels of 8,275-8,300 points, respectively, commented Hoda El Menshawy from EGS Brokers.
It is unlikely that S&P’s downgrade of Egypt’s credit rating will affect the market’s performance, the analyst noted, adding that the EGX is likely to move sideways heading upwards until Beltone’s acquisition of CI Capital is concluded.
