By: Heba El-Kordy
Cairo –Mubasher: The Egyptian Exchange (EGX) is expected to move towards 15,200 and 15,500 points, analysts told Mubasher.
Hesham Hassan, head of technical analysis at Acumen for Securities forecast the benchmark EGX30 to maintain the positive performance, targeting 15,200 and 15,500 points, while it has support at 15,000 and 14,700 points.
The EGX30 index closed Tuesday’s trading session up on the back of Commercial International Bank (CIB) which surpassed EGP 77 to hover around EGP 82 and EGP 85, Hassan indicated.
The EGX30 index ended Tuesday’s session on a positive note to record a new high at 15,159 with a good turnover on the back of CIB and Sidi Kerir Petrochemicals (Sidpec), market analyst at Mubasher Financial Services (MFS) Shahd Raafat said.
The index is still facing key resistance at 15,000 and 15,200 points, Raafat noted.
Moreover, market analyst at Pioneers Holding Mohamed Gaballah said that the EGX30 index was able to overcome a wave of profit-taking before the Coptic Christmas holiday.
The index is still moving upwardly towards 15,300 points, Gaballah highlighted, adding that the index has support at 15,060 points.
The heavyweight CIB is targeting EGP 82, and it has support at EGP 72 and EGP 77, he added, pointing out that the stock may test EGP 98 on the medium term if it settles above EGP 82.
The small- and medium-caps EGX70 index is seeing a sideways trend between 815 and 850 points, the analyst highlighted.
Translated by: Mai Ezz El-Din
