By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain its positive performance on Wednesday’s trading session, backed by Global Telecom’s possible deal, analysts told Muabsher.
The benchmark EGX30 index has been able to rebound at support level 17,570 points on the back of the performance of Global Telecom’s stock, capital market expert Michael Mamdouh Naguib said.
Global Telecom notably rose on Tuesday as it is rumoured that the company has entered a new acquisition deal, Naguib highlighted.
The stock may test EGP 5.3 and EGP 5.7 over the coming period if it closed Wednesday at EGP 5, he added.
He advised investors to be patient while buying or selling as the stock market is currently volatile.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX will see an upward trend on Wednesday.
The EGX30 index is projected to retest 17,950 and 18,082 points and end the correction trend it recently faces, Fouda added.
The index has support at 17,700 and 17,650 points, he indicated, pointing out that it may retest 17,580 and 17,400 points if it falls below the main support levels.
The small- and medium-caps EGX70 index has a short-term resistance at 885 and 894 points, while it has support at 762 and 855 points.
Translated by: Mai Ezz El-Din
