Cairo – Mubasher: Profit-taking on the Egyptian Exchange (EGX) is likely to continue till the first half of Thursday's trading session, said analysts, indicating that if the benchmark breaks 7,700 points, it will target the mark of 8,000 points.
Yesterday, the Egyptian Exchange gave up the highest level that has been reached since 28 April on profit-taking. The benchmark pared early gains, but closed 0.81% higher at 7,780.13 points.
Profit-taking led the benchmark to 7,800 points, said Ahmed Abdel-Hamid, managing director of Watheeqa Securities, adding that most blue-chip stocks ended in the red territory, namely CIB and Palm Hills.
The analyst expected profit-taking to continue till the first half of Thursday’s trading session and the EGX30 to maintain the level of 7,700 at the close.
Likewise, Ibrahim Al-Nimr, head of technical analysis at Naeem Holding, said the main index ended above the resistance barrier of 7,705 points and will retest the next resistance level of 8,000 if it holds above 7,700 points.
