Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on the bearish trend this week, analysts told Mubasher.
The benchmark EGX30 index may break 14,050 points and target 14,800 points, or it may break 13,500 points after the declines it saw last Thursday, head of client relations at Arabeya Online Michael Mamdouh Naguib.
Naguib recommended investors to avoid the market until it settles and breaks 13,500 points.
The Commercial International Bank (CIB) fell below EGP 80, which weigh on the EGX30 index to break main support at 13,500 points, he indicated.
For his part, branch manager of Osool ESB Securities Brokerage Saeed El Feki said that the volatile trend is still dominating the EGX’s indices on the back of the performance of blue-chip stocks.
The EGX30 index is seeing accumulation to retest 14,100 points and target 14,600 points, El Feki stressed.
He added that the small- and mid-cap EGX70 index closed last week at 687 points, hovering around its main support 682 points.
El Feki projected that the EGX70 index may target resistance at 705 points this week.
