Cairo – Mubasher: The Egyptian Exchange is likely to move sideways this week, said analysts, expecting purchasing power to refocus on blue-chip stocks.
Mona Hassan, Chief technical analyst at Mubasher, said the benchmark closed at 7,463 points and is still swinging sideways between 7,350 and 7,600 points.
Ayman Fouda, head of capital market committee at the African Economic Council, said purchasing powers are likely to invest in blue-chip stocks for building new purchasing position based on the last two-session indicators.
He also expected EGX30, when pumped by liquidity, to retest the mark of 7,545 and then 7,660 points, while having support at 7,360 and then 7,275 points.
Mona Hassan, Chief technical analyst at Mubasher, said the benchmark closed at 7,463 points and is still swinging sideways between 7,350 and 7,600 points.
