Cairo – Mubasher: The benchmark EGX30 index is hitting new record high since the beginning of December 2017, bolstered by the Commercial International Bank (CIB), amid weak liquidity.
By 12:37 pm Cairo time, the EGX 30 index touched a fresh high level at 14,785 points, rising 0.79% or 116.43 points.
The main index of the Egyptian Exchange (EGX) was able to break a new record on the back of the CIB, despite the stock market’s weak liquidity, head of the technical analysis department at Jazira Securities Brokerage Ahmed Thabet said.
CIB would break above the level of EGP 77 to EGP 80 and EGP 82 if it surpassed the level of EGP 72, Thabet added, pointing out that it will impact the EGX30 index performance.
The heavyweight CIB went up 2.32% to EGP 75.74.
The EGX30 index is targeting the level of 14,900 points and may see selling powers at that level to move towards the level of 15,000 by the end of 2017 when profit-taking wave starts, the analyst indicated.
About 90% of the stocks is not expected to achieve new significant levels over the coming period, he forecast, adding that the indicators imply that CIB and EFG Hermes may see an upward trend.
The EGX70 index is still moving upwardly and has resistance at 840 points, while it has support at 800 points, he continued.
The index is targeting the levels of 870 and 875 points, the last phase of rising, to face a long-term profit-taking movement, Thabet pointed out.
