By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a stable performance on Thursday, analysts told Mubasher.
The EGX may see slight rises over the coming period on the back of the historic records it achieved at the beginning of this week, head of technical analysis at Acumen for Securities Hesham Hassan said.
The benchmark EGX30 index may retest the level of 14,000 points to test 14,500 and 15,000 points, Hassan added.
The EGX70 index is expected to carry on profit-takings due to the high records stocks achieved, as it reached more than 100% over the past period, he highlighted.
Blue chips of the banks, real estate, financial services sectors are likely to maintain rising to support the EGX to continue its positive performance over the next period, the analyst forecasted.
Moreover, head of technical analysis at Prime Securities, Mohamed Khedr, said that the EGX30 index may break resistance above 14,200 points to target 14,600 points.
The index may retest minor support at 14,000 points, Khedr mentioned, pointing out that this occurred as a result of consecutive rises.
These rises reach 7% without seeing correction phases from the level of 13,400 points, he noted.
Translated by: Mai Ezz El-Din
