Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a rising-to-sideways movement on Monday, backed by positive performance of its heavy-weighted stocks and investors’ selective purchases, Ahmed AbdelHamid, branch manager at Watheeqa Securities told Mubasher.
The benchmark EGX30 index is likely to move between the levels of 11,360 and 11,480, with a target towards 11,600 points, the analyst added.
Meanwhile, Saeed El-Feky, CEO at Osool Brokerage, commented that the Egyptian bourse had resumed its gains on Sunday following last week’s varied performance and sideways movement. The index also neared 11,500 points, he said.
Stability above 11,500 points will prompt the index to test strong resistance at 11,680 then 12,000 by the end of the year, whereas the EGX70 is likely to target 470 points by the end of 2016, he added.
On Sunday, the EGX30 ended the session in the green, rising 0.64% or 71.98 points and closing at 11,398 points.
The market has benefitted from the US Federal Reserve’s rate hike with investors realising that the decision has positively affected the EGX in light of the rise in the value of the USD despite the sticky issues currently present in the Egyptian economy, Al-Feky noted.
