By: Heba El-Kordy
Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to continue its positive performance on Wednesday, as the benchmark EGX30 index is likely to break over 13,425 points, analysts told Mubasher.
The EGX30 index is likely to target the level of 13,700 points over the coming sessions, market analyst at Pioneers Holding Mohamed Gaballah said, adding that the index has support at 13,350, and resistance at 13,425 points.
The EGX70 index is facing Arab profit-taking, and it is likely to target the level of 725 points, Gaballah highlighted, noting that the index sees support at 685 points and resistance at 705 points.
Regarding blue chips, Commercial International Bank – Egypt (CIB) is seeing a downturn trend that is likely to continue temporarily over the next sessions, Gaballah said.
Wednesday’s trading session is forecast to see a positive performance, despite the temporary profit-taking operations, Ahmed Thabet, technical analyst at Jazira Securities Brokerage, stated.
The EGX is likely to maintain its bullish performance between the levels of 13,450 and 13,470 points, Thabet added.
Thabet noted that the housing sector is likely to top the other sectors in terms of attracting liquidity, followed by the financial services sector.
Translated by: Mai Ezz El-Din
