Cairo – Mubasher: The Egyptian Exchange is expected to continued its positive performance on Wednesday, said technical analysts, adding that the main index may steady above the 6,440 level to target the 6,650 mark.
The Cairo bourse saw positive trading on Tuesday, backed by upbeat news about leading stocks like CIB and Qalaa, said Ahmed Abdel Hamid, managing director for branches at Watheeqa Securities Brokerage.
He added that the market will likely continue such performance today, especially after the central bank announced clearing all backlog owed to foreign investors and following the completion of run-offs in the parliamentary elections.
Staying above the 6,440 level will push the index higher towards 6,650 points and 6,800 points, according to the analyst.
Ayman Fouda, head of capital market committee at African Economic Council, expected the index to steady above the 6,420 level for two successive session, to target 6,530 points then 6,640 points. He defined support level at 6,320 points.
