Cairo – Mubasher: The Egyptian Exchange is likely to rebound on Wednesday after the Central Bank of Egypt kept the value of the Egyptian pound unchanged.
The Egyptian pound steadied at a cut-off price of 8.78 per dollar, unchanged from last week, at the official foreign currency auction.
As a result, the bourse gave yesterday a better performance in the second half of the session after the central bank kept the Egyptian pound’s value unchanged, said Adel Abdel Fatah Chairman of Egyptian Arabian Cmar Securities Brokerage.
He expected the benchmark index EGX30 to target the mark of 7,700 points amid a spree in the real estate’s and financial services’ sectors.
Ayman Fouda, head of capital market committee at the African Economic Council, said the Egyptian Exchange is forecast to leave the red zone in early trading amid a buying appetite on EGX30 stocks as well as an upwardly flat performance for the small and mid-cap index due to profit-taking.
In case that the main index succeeds to hold above 7,500 points by the end of the session, it will re-target the level of 7,700 points, Fouda added.
He concluded that the small and mid-cap is facing resistance at the 362-363 area.
By the end of mid-week trading session, EGX came on a mixed note and erased part of its early losses. The benchmark fell 48.68 points, or 0.65%, to the mark of 7,457.5 points.
