Cairo – Mubasher: The Egyptian Exchange is likely to witness correction movements before extending its upward run to the mark of 10,000 points.
The main index EGX30 started Monday’s session at 9,808 points and closed at 9,852 points on unprecedented turnover, backed by the heaviest constituent CIB, which in general refers to the current strong performance and dominance of the bulls, said market analyst at MubsherTrade Research Shahd Rafaat.
“However, we still think a little slow down of the current levels is required for gathering more powers in order to face the major resistance 10,000 then 11,000”, Shahd added.
“Those who didn't ride the recent upswing will be allowed to join in the next correction towards 9,200”, the analyst concluded.
Market analyst Hesham Hassan said “The bourse saw Tuesday an exceptional performance after trading volume recorded the highest amount since 2008 due to the EGP liberalization”, noting that the market gained 1,200 points in three sessions.
Traders are likely to have a good chance for building buying positions due to an expected wave of correction and profit-taking in the coming sessions amid a positive outlook on the short and mid-term, the analyst added.
On Monday, Trading value reached EGP 2.18 billion after 688.9 million shares were traded, while market capitalization gained EGP 17.5 billion to close at EGP 475.77 billion, compared to EGP 458.25 billion yesterday.
