By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a positive performance on Sunday, analysts told Mubasher.
The EGX’s indices are expected to continue their gradual rebound over the week, aiming to exceed resistance levels, in line with separating some stocks from indices, technical analyst at the African Economic Council Mona Mostafa said.
The benchmark EGX30 index is likely to target the levels of 13,700 and 13,800 points, Mostafa added, noting that the index sees support at 13,400 and 13,380 points.
The small- and medium-sized enterprises EGX70 index has resistance at 756 and 760 points and faces support at 737 and 725 points, the analyst noted.
She recommended investors to trade on stocks separately, keeping liquidity to obtain opportunities of adding buying positions during the temporary drops in strong stocks, in line with keeping the stop-loss points of stocks.
Saeed El-Feki, a branch manager of Osool ESB Securities Brokerage, said that the EGX30 index is forecasted to see a positive performance at this week’s opening as an attempt to reach the indices’ target, amid profit-making operations which limit the accelerated pace of indices.
The EGX70 index is still not affected by the performance of the EGX30 index, which has witnessed a period of profit-taking and collective sideways performance, El-Feki added.
Translated by: Mai Ezz El-Din
