Cairo – Mubasher: The Egyptian Exchange (EGX) is continuing with its upward trend, said analysts, adding that blue-chip stocks may see profit taking during Thursday’s session.
The main index is moving upwards, as it reached short-term target price levels upon hitting the 7,250 resistance level on Wednesday; a point at which cash-ins may emerge, said Mohamed Ismail, technical analyst at Golden Hand Securities.
He advised traders to monitor the index near the 7,250 level, saying a break above it would turn the medium-term trend to upward movement towards the 7,500-7,700 resistance area.
Waleed Hilal, Deputy Chairman of Egyptian Group for Securities Brokerage, expects the main gauge to see profit taking on leading stocks as well as shifting of liquidity to small and mid-cap stocks.
“The market’s possible slight decline today would not be worrying giving the continued rises in the last ten successive sessions, which allows for shifting positions between indices before the main index resumes the rise towards 7,500 then 7,700 points,” said Hilal.
EGX indices were mixed on Wednesday, as EGX30 rose by 1.25% or 89.24 points to close at 7,228.68 points.
