Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on its bullish performance this week, analysts told Mubasher.
Saeed Al-Feki, branch manager at Osool ESB Securities forecasted blue chips to lead the EGX’s bullish trend through Global Telecom, Commercial International Bank – Egypt (CIB), and EFG Hermes.
The benchmark EGX30 index is moving within the range of 14,200 and 14,500 points, Al-Feki added.
The EGX70 index is likely to see resistance at 815 points, he noted, pointing out that the index is targeting 825 825 points on the back of selective buying.
Ayman Fouda, head of capital market committee at the African Economic Council, anticipated momentum investing on the EGX to continue, bolstered by the positive economic news.
The EGX’s main indices are likely to see sideways performance, in line with selective buying, Fouda highlighted.
Fouda indicated that the EGX30 index is still targeting resistance at 13,972 and 14,122 points, and it has support at 13,780 and 13,715 points.
