Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its gains on Wednesday and on the short term with a target of 13,500 points, analysts have said.
The benchmark EGX30 index saw an all-time high during Tuesday’s trades and is expected to extend its rise towards 13,500 points, noted technical analyst at Mubasher International for Securities Shahd Raafat.
The index is likely to see a short-term rising trend but will encounter strong resistance at 13,400 points, commented technical analyst Safaa Faris.
She added that passing 13,400 will enable the index to target the level of 13,850 points.
On Tuesday, the EGX30 index jumped 1.29%, adding 171.28 points and closing at 13,436.1 points.
The EGX70 increased 0.88% to 481.55 points, whereas the EGX100 and the equal weight EGX50 grew 0.94% and 1.09% to 1,169.56 points and 2,091.49 points, respectively.
