Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a continued sideways movement as investors await positive news in order to pump new investments into the market, analysts told Mubasher.
Mubasher International for Finance Services’ Shahd Raafat commented that the EGX’s benchmark index closed Sunday at a slight decline to 12,692 points amid low trading volumes.
Should the index surpass 12,700 points, it will likely rise towards 12,850 points, she added.
Meanwhile, Ayman Fouda, head of the Capital Market Committee at the African Economic Council, concurred, expecting the Egyptian bourse to commence Monday’s trades in the positive territory.
The EGX recently announced that state oil company Enppi had begun taking the necessary steps to launch an initial public offering (IPO) in what is expected to be the first of several government companies’ upcoming listings on the EGX.
Moreover, the government announced that it will receive the second instalment of the International Monetary Fund’s (IMF) loan in mid-June.
