Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its positive performance during the mid-week sessions, analysts told Mubasher.
The benchmark EGX30 index is likely to test and settle above the level of 13,200 points, and traders are likely to keep an eye on liquidity levels, analysts added.
Technical analyst at Mubasher International for Securities Shahd Raafat said that positive moves are likely to drive the EGX30 towards 13,230 points again, proving it is not just a correction move after a consecutive drop that lasted for several sessions.
She recommended conservative trading, while keeping an eye on stop-loss levels.
The EGX’s positive performance is forecast to carry on with the EGX30 retargeting the level of 13,080 and 13,120 points to reach 13,260 points, and it is likely to see support at 12,900 and 12,760 points, chairman of the Capital Market Committee at the African Economic Community (AEC) Ayman Fouda said.
Fouda added that the small- and medium-sized enterprises EGX70 index, which has been affected by the individuals’ profit taking, has a short-term resistance at 705 and 711 points, while it is likely to face support at 690 and 682 points.
He recommended traders to hold the stocks, in line with trading on them to protect the return on the stocks which reached resistance levels, as well as to keep liquidity in the investment portfolios to repurchase by the end of the temporary correction move.
