By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue rising on Wednesday on the back of blue chips’ positive performance, analysts told Mubasher.
The EGX is likely to maintain the bullish trend and extend gains on the back of purchasing power of local institutions, economist Safaa Fares said.
The benchmark EGX30 index has resistance at 16,100 points and an upside potential at 16,400 points, while it has support at 15,750 points and a downward potential at 15,500 points, Fares highlighted.
Moreover, the EGX70 index has resistance at 890 points and an upside potential at 920 points, while it has support at 875 points and a downside potential at 866 points, she added.
For her part, chairperson of 3Way Finance Rania Yacoub said that the EGX30 index has been able to break resistance above 16,000 points yesterday, backed by the remarkable financial results of major firms, mainly the real estate and the petrochemical sectors’ firms.
She noted that the Saudi Crown Prince's visit to Egypt and the Egyptian-Saudi megacity project have positively impacted the Egyptian economy overall, which should raise investors' optimism and boost trading volume on the EGX.
Yacoub projected the EGX to extend gains and hover around 17,000 points before mid-2018.
Translated by: Mai Ezz El-Din
