Cairo – Mubasher: Should the Egyptian Stock Exchange’s (EGX) benchmark index pass the level of 12,729 points, the bourse will see a rising trend, analysts told Mubasher early Sunday.
The EGX30 index continues to move in channel ranging from 10,265 to 14,304 points on the short-term, noted head of research and technical analysis at EGS Brokers Hoda El-Menshawy.
The index should remain above 12,600 points, she indicated, adding that this period should be characterised by sideways sessions with minor profit-taking.
“The level of 12,729 points will help the index extend its gains to higher levels,” she commented. Should the benchmark index break below this level and end the session lower than 12,729 points, this will halt the rise, El-Menshawy expects.
Meanwhile, the head of technical analysis at Roots Securities Brokerage Sameh Gharib noted that the EGX30 extended its fall towards 12,300 points, as buying activity commenced to halt the decline and prompt a correctional rebound towards 12,650 points.
The rebound may extend to 12,800 and 13,000 points, he added.
As for the EGX70’s performance, Gharib stated that the index suffered profit-taking on several of its shares, adding that he expects the index to rebound next week towards the levels of 520 points and resistance of 530 points in extension.
