Cairo-Mubasher: The Egyptian Exchange (EGX) is expected to see profit-taking and test the 6,300 level, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, said the market will witness cash-ins by the investors who capitalised on the declines over the last sessions.
He added that investors should focus on the well-performing stocks that are fuelled by positive news.
The boards of Porto Group and Amer Group approved to repurchase 125 million treasury shares each.
Mona Hassan, chief technical analyst at MubasherTrade, said the benchmark EGX30 soared on Tuesday to close above the 6,000 level mid a strong trading activity, adding that the current correction wave will likely continue, with the main index targeting the 6,300 level.
Egypt Presidential Spokesman said some successful government companies and banks plan to float shares on the local bourse in the next period.
Sameh Gharib, head of technical research at Roots Securities, said the main index is targeting the 6,300 level after closing Tuesday at 6,097 .
He added that the current correction will continue as long as the index maintains its support at 5,500, noting that benchmark is moving in a downward trend in the short and medium term.
Translated by Abdul Maguid Aboshahla
