By: Heba El Kordy
Cairo – Mubasher: The Egyptian Exchange’s (EGX) benchmark index achieved a new record high during Thursday’s trades amid forecasts of extended positive performance till the end of the year including targeting of 15,000 points.
By 12:22 pm Cairo time, the EGX30 grew 0.62% to 14,742.71 points, its highest ever level.
Market analyst Tony Kamal forecast that the benchmark index will continue its rise after passing a new record. This rising trend will be confirmed later in the day when the EGX closes, the analysts told Mubasher.
EGX30 support will be seen at 14,250 points, Kamal noted, forecasting that the index will peak at 15,000 points by the end of 2017.
Blue chips are moving according to the benchmark index’s movement, the analyst added.
EGX leading stocks were mostly in the green, with Eastern Company adding 3.69%, while the Commercial International Bank – Egypt (CIB), the EGX’s heaviest weighted stock, grew 0.37% to EGP 74.23, registering a turnover of EGP 283.3 million.
Commenting on CIB’s performance, Kamal said that as long as the stock remains above support at EGP 72 and EGP 72.5, performance will be ok. CIB’s resistance will be seen at EGP 75, EGP 76, and EGP 80.
In the meantime, turnover amounted to EGP 887.9 million after 93.5 million shares were exchanged through 14,500 transactions.
Translated by: Nada Adel Sobhi
