By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain seeing a wave of profit-taking on Tuesday, analysts told Mubasher.
The benchmark EGX30 index had to see profit-taking after hitting 17,331 points before the first quarter of 2018 ends, CEO of Osool ESB Securities Brokerage Saeed El-Feki said, projecting it to continue seeing profit-taking near 16,750 points today.
The anticipated profit-taking near 16,700 points is logical after the EGX30 index reached these levels, he added.
The government's announcement of implementing its initial public offerings (IPOs) programme yesterday has not impacted the performance of the EGX’s indices which have seen an upward trend since last week, El-Feki indicated.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index would maintain its bullish trend in the long-, medium-, and short-term.
The index has resistance at 17,375, 17,750, and 18,000 points and has support at 17,000, 16,730, 16,490 points, he highlighted.
Meanwhile, the EGX70 index is still moving upwardly to test 942 points and 1000 points, Armia noted.
Translated by: Mai Ezz El-Din
