Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its positive performance, as the benchmark EGX30 index is expected to see 14,000 points after breaking over 13,485 points to target 13,680 points, analysts told Mubasher.
Ibrahim El Nemr, head of technical analysis at Naeem Brokerage, said that the benchmark EGX30 index may decline to the level of 13,000 points, recommending investors to turn to selective buying, as stop-loss standstill at 12,900 points.
“The EGX30 index rose for the third consecutive session closing at 13,415 points,” technical analyst at Mubasher International for Securities Shahd Raafat said, noting that “the current rising wave is expected to continue towards 13,680.”
The EGX30 is likely to face resistance at 13,580, 13,690, and 14,000 points, while it may see support at 12,850, 12,650, and 12,520 points, Raafat added.
The EGX30 index is expected to continue its bullish performance in September, bolstered by Egyptian and foreign institutions’ buying, economic analyst Safaa Fares said.
It has a strong resistance at 13,600 points to ascend towards 14,000 points, while it is likely to face support at 13,190 points to descend to 12,850 points, Fares added.
The EGX70 index is starting an accumulation phase, as it is likely to see resistance at 704 points to surpass the level of 730 points, while it may see support at 686 points, she continued.
Saeed El-Feki, CEO of Osool ESB Securities Brokerage, said that the EGX30 index is likely to see 13,700 and 14,000 points, as traded volume generated a turnover above EGP 750 million.
September is forecast to witness rising trading volume and the EGX30 is likely to face 13,700 points over the coming period after the Eid Al Adha holiday.
