Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to test the level of 7,275 points on Wednesday, and passing it would confirm a rise once more, analysts have said, amid expectations of market gains at the beginning of the session.
The EGX30 index is likely to rebound upwards towards 7,269 and 7,275 points, commented Hoda El-Menshawy, head of research and analysis at EGS Brokers, adding that passing these levels today will confirm a rise and the sideways-to-rise movement on the short term as well as a rising trend on the medium term.
Should the benchmark index be unable to rise, it will continue its sideways movement towards 7,159 points, she added.
Meanwhile, Hanan Ramsis, CEO of Cairo Stock Brokerage Company, noted that the Egyptian bourse resumed its rise on Tuesday after the sharp declines seen in the previous session. She noted that the index trimmed its gains in the second half of Tuesday’s session.
The analyst noted that an Egyptian court’s decision to annul a decision to transfer sovereignty of the two islands, Tiran and Sanafir, to Saudi Arabia had caused a state of confusion in the markets, ending Tuesday’s session with Egyptians being net sellers at the end of the session.
The EGX30 trimmed its morning gains on Tuesday to end at a rise of 0.66% or 47 points to 7,250.92 points.
