By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the bearish trend in Monday’s trading session, analysts told Mubasher.
The benchmark EGX30 index may test 12,300 and 12,000 points if it breaks 13,000 points, head of client relations at Arabeya Online Michael Mamdouh Naguib said.
As for the heavyweight Commercial International Bank (CIB), Naguib indicated that the stock is targeting EGP 72 after the recent declines.
He recommended investors to hold onto their stocks until the market settles.
It is worth noting that CIB’s stock fell yesterday to its lowest level since February at EGP 76.10.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities said that the EGX30 index may test support at 13,000 and 12,950 points if it breaks 13,150 points.
Sell-offs are still weighing on the EGX, dragging it down below 14,800 points, Naguib stressed.
He advised investors to benefit from any rise in open positions or to trade quickly while keeping an eye on support levels and stop-loss limits.
Translated by: Mai Ezz El-Din
