Cairo – Mubasher: The Egyptian Exchange (EGX) expected to continue jittery performance through current week trading, where the benchmark index EGX30 foreseen to move near the support levels of 7,800 and 7,900 points as well as the support level of 8,000 points.
Last week, Central Bank of Egypt decided to keep the interest rates unchanged at the level of 11.75% in a move that beat the market expectations.
The benchmark is likely to move near the support levels of 7,800 and 7,900 during current week’s trades, said Ehab Saeed Head of Research at Osool brokerage.
In the same vein, Sameh Ghareib, Head of research department at Roots stock brokerage house said “The benchmark is still moving near the major support level of 7,900 points.”
“The benchmark will adopt a down side trend if it break below the level of 7,900 points, where it will target the levels of 7,650 and 7,700 points,” added Ghareib.
The market will continue moving between the resistance level of 8,300 points and the support level of 7,900 points as long as the benchmark maintains its position above 7,900 points, noted the analyst.
