Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain its positive performance, bolstered by Egypt’s Monetary Policy Committee’s (MPC) fixation of loan-deposit ratio, which would gradually narrow inflation rates, analysts told Mubasher.
The benchmark EGX30 index is likely to test resistance at 14,000 points at the beginning of this week to break through 13,800 points, head of technical research at Osool Securities Brokerage Sameh Gharib said.
The EGX30 index may see new price levels starting from the level of 14,250 points and 14,500 points, Gharib continued, pointing out that the index has support near 13,600 points.
Ibrahim El Nemr, head of technical analysis at Naeem Brokerage said that the EGX30 index may test resistance at 13,970 and 14,300 points towards after breaking above 13,715 and 13,785 points.
El Nemr recommended selective buying, noting that stop-loss at 12,900 points.
Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX30 index has short-term resistance at 13,895 and 13,975 points, and targets 14,000 and 14,200 points, while it has support at 13,780 and 13,640 points.
Moreover, the EGX70 index has short-term resistance at 780 and 790 points, while it has support at 761 and 749 points, Fouda added.
