By: Heba El-Kourdy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its bullish performance, and the benchmark EGX30 index is likely to break above 13,400 points, analysts told Mubasher.
The benchmark EGX30 index is likely to see sideways moves to retest support at 13,420 and 13,400 points amid high fluctuations after the middle, technical analyst at the African Economic Council Mona Mostafa said.
The EGX30 index has support at 13,420 and 13,400 points, and resistance at 13,536 and 13,685 points, Mostafa highlighted, adding that the EGX70 index has support at 691 and 688 points, and resistance at 700 and 710 points.
Meanwhile, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar anticipated the benchmark EGX30 index to carry on its positive performance, in an attempt to settle above 13,400 points on the back of the positive economic news, represented in the decline in annual inflation and the increase in foreign exchange, as well as the raise in tourism revenues.
The EGX30 index has support at 13,400 points, and may see support at 13,330 and 13,650 points, while it has resistance at 13,600 points, the market analyst added.
The small- and medium-sized enterprises EGX70 index is still targeting the level of 707 and 710 points over the coming period, on the back of stocks’ performance and momentum buying of small-sized stocks, El-Naggar commented.
Translated by: Mai Ezz El-Din
