By: Heba El-Kordy
Cairo – Mubasher: Ghabbour Auto’s stock rose to its highest level in 28 months since 7 July 2015 during Monday’s trading session.
By 11:21 am Cairo time, the stock levelled up 9.8% to EGP 3.92.
The stock was targeting the levels of EGP 4 and EGP 4.2 after hovering above EGP 2.95 late September, but it retreated to EGP 2.95 again after seeing profit-taking during November, technical analyst at Jazira Securities Brokerage Ahmed Thabet said.
GB auto is currently moving towards the levels of EGP 4 and EGP 4.2 after surpassing EGP 3.5, Thabet added.
Meanwhile, about 4.5 million shares were traded on GB Auto at a turnover of EGP 17.7 million.
The analyst forecast the stock to face short-term profit-taking between the levels of EGP 3.5 and EGP 4.3, pointing out that it is likely to witness a long-term upward trend.
The stock may test EGP 5.10 over the coming period if it broke above EGP 4.3, he indicated.
GB Auto went up 20.99% since the beginning of 2017, with a turnover of EGP 2.02 billion.
Pharos Research expects GB auto’s revenues to surge 29.2% year-on-year during the fourth quarter of 2017.
It is worth mentioning that GB Auto had previously posted a net profit of EGP 141.1 million for the third quarter ended September 2017, up from EGP 47.02 million in Q3-16.
Translated by: Mai Ezz El-Din
