Cairo – Mubasher: EGX indices are to keep running bullish in the last trading session this week, said analysts, assuring that the main index (EGX30) will, if holding above 7,550 points, target higher levels.

Ayman Fouda, head of capital market committee at the African Economic Council, said main indices are forecast to initiate Thursday in the green zone for the second straight session; however, some buying powers may partially start taking profits on the shares that ticked its first resistance levels.

EGX30 will likely have resistance at the 7,645-7,700 area and support at 7,535-7,450 area, if staying above the mark of 7,550 points, Fouda expected.

The small and mid-cap index EGX70, he continued, is to have resistance at the 363-365 area and support at the 358-355 area, if steading over the scale of 361 points.  

Similarly, Ahmed Abdel Hamid, managing director at Watheeqa Securities Brokerage anticipated EGX to maintain the gaining mood after the Central Bank of Egypt kept the value of the Egyptian pound unchanged.

By knocking the mark of 7,540 points, the main index will target the area of 7650-7,700 points once again, said Abdel Hamid, expecting as well a partial profit-taking on some shares.

The Egyptian Exchange finished Wednesday’s trading session in the green territory backed by Arab investors’ purchases. The main index EGX30 gained 102 points, 1.37%, to close at the mark of 7,559.87 points.

On last Tuesday, the Egyptian pound steadied at a cut-off price of 8.78 per dollar, unchanged from last week, at the official foreign currency auction.