By: Heba El-Kordy
Cairo – Mubasher: The benchmark EGX30 index rose to its highest level in decades during Sunday’s trading session amid expectations of maintaining the upward trend until the end of 2017.
By 10:49 am Cairo time, the EGX30 index went up 1.54% or 218.42 points to the level of 14,438.41 points.
The EGX30 index is moving towards the levels of 14,500 and 14,700 points, market analyst at Pioneers Holding Mohamed Gaballah told Mubasher.
The index may keep on rising towards 15,000 and 16,000 points after breaking above 14,700 points, Gaballah highlighted.
The small and mid-cap EGX70 index is targeting resistance at 820 points, he added.
The Commercial International (CIB) has completed 95% of the correction phase it faced at EGP 72 on Monday, he indicated, pointing out that it is targeting levels starting from EGP 82 to EGP 85.
The CIB may test EGP 88 by the end of 2017 if the bank announced the distribution of dividends to shareholders for this period, Gaballah continued.
Moreover, technical analyst Mohamed El-Naggar said that the Egyptian Exchange (EGX) will carry on the positive performance until the first week of December, pointing out that the EGX30 index is moving towards 14,700 points.
Translated by: Mai Ezz El-Din
