Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the positive performance on Tuesday amid the emergence of new market-boosting catalysts, analysts told Mubasher.
The benchmark EGX30 index closed Monday’s trading session up 2.77%, ending a six-day losing streak, head of technical analysis at Naeem Brokerage Ibrahim El Nemr said.
The index may move toward correction territory at 12,725 points that could be extended to 13,000 points, El Nemr added.
He advised investors in the Egyptian bourse to be selective while trading on stocks.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is expected to perform positively today, in line with blue-chip stocks attempting to settle above previous support levels.
The EGX30 index may retest 12,770 points if it breaks 12,525 points, while it could retest 11,900 and 11,844 points if it breaks support at 12,074 points, Fouda highlighted.
He also added that the small- and mid-cap EGX70 index has a short-term resistance at 664 and 669 points, while it has support at 658 and 650 points.
He recommended traders to create purchasing positions at active stocks with positive financial results, in line with buying on margin.
