Cairo – Mubasher: The Egyptian Exchange is forecast to test the mark of 7,560 points after giving up key levels over the last two sessions, said analysts.
Yesterday, the benchmark index fell 0.98% to 7,570 points due to national institutions’ tendency for intensive and random selling for the second session in a row, as a direct repercussion of a general decline in global stock markets and of investors’ attempt to take advantage of their hot money, said Hoda El-Menshawy, head of research and analysis at EGS Brokers.
Moreover, traders’ sentiments got mixed after the authorities caught some black market traders, the analyst pointed out.
Today, it will be confirmed whether the benchmark will keep moving below the mark of 7,630 points, or above 7, 570 points to subsequently maintain the sideways-to-slightly-upwardly trend on the short term and a possible upward trend on the mid-term, she added.
In case EGX30 fails to survive the current slight downturn, it will likely re-test the area ranging from 7,423 points and 7,469 points, she expected.
EGX finished the mid-week trading session in the red territory as the benchmark EGX30 fell for the fourth session in a row.
