Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to rise in the remaining trading sessions of this week and rebound near 13,400 points, analysts told Mubasher.
Osama Naguib, head of technical analysis at Arab Finance Securities, said that purchasing powers started to emerge again in the market as the benchmark EGX30 index is hovering around 13,000 and 12,950 points.
The EGX30 index is likely to carry on the bullish trend temporarily near 13,400 and 13,500 points, Naguib added.
The index may target 13,750, 14,000, and 14,100 points if it breaks main resistance levels, he indicated.
For his part, head of client relations at Arabeya Online Michael Mamdouh Naguib said that the EGX30 index was able to rebound yesterday following consecutive declines this week.
The index may retest 13,400 points, Naguib projected, adding that the index is likely to remain in correction territory.
The EGX is still witnessing selective buying as some stocks are expected to see further purchases, he stressed.
