By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the positive performance during the first week of February, analysts told Mubasher.
The EGX may continue the upward trend and hover around 14,400 points this week, branch manager of Osool ESB Securities Brokerage Saeed El Feki said.
The benchmark EGX30 index could face profit-taking temporarily to rebuild purchasing positions that target attractive levels on the back of blue-chip stocks’ positive news, El Feki added.
The small- and mid-cap EGX70 index has been seeing accumulations despite breaking 682 points and moving close to 685 points, he indicated.
El-Feki projected the EGX70 to target 700 points in the short-term after surpassing 682 points.
It is worth noting that the EGX has gained over 1,000 points in January amid a number of catalysts that pushed up the benchmark index.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index has moved near 14,100 points with high turnover for the fourth consecutive trading session.
The EGX30 is likely to continue the bullish trend and target 14,500 and 14,600 points and resume testing 14,800 points, Naguib projected.
He noted that the index has main support at 13,600 and 13,450 points, but it will maintain seeing support at 13,300 and 13,225 points in the meantime.
Translated by: Mai Ezz El-Din
