By: Heba El-Kordy
Cairo – Mubasher: Shipping and freight stocks saw a positive performance in Sunday’s trading session.
Most shipping and freight stocks have achieved historic levels in today’s session.
This positive performance is expected to carry on, bolstered by positive news related to the shipping and freight sector, analysts told Mubasher.
The Egyptian Transport and Commercial Services Co (Egyptrans) is likely to lead the sector’s rising stocks by 15% by the end of 2017.
Egytrans
Capital markets expert Toni Kamal forecasted the shipping and freight sector to maintain its bullish trend led by Egytrans on the back of the stock’s positive news.
Egytrans is likely to surge 15% by the end of 2017 at EGP 13.25, Kamal said, pointing out that the stock targets EGP 16 prior to the current year-end.
The expert attributed the increase in Egytrans’ revenues to the energy projects it executes, in addition to lower currency rates in the Egyptian banks.
By the end of Sunday’s trading session, Egytrans’ stock closed 7.27% up at EGP 13.43.
Canal Shipping Agencies
Saeed El-Feki, CEO of Osool ESB Securities Brokerage, said that Canal Shipping Agencies’ stock surpasses resistance at EGP 11.90, noting that it targets EGP 12.25 after a million shares were traded.
Canal Shipping Agencies’ stock closed Sunday up 7.86% to EGP 12.21.
United Arab Stevedoring
El-Feki added that the shipping and freight sector is witnessing a notable improvement in terms of higher trading volume and price levels over the current period.
Stocks of this sector are anticipated to see profit-taking after reaching its targets, then it will create purchasing positions, he highlighted.
United Arab Stevedoring’s stock gained 4.17% at Sunday’s close to EGP 1.25.
Translated by: Mai Ezz El-Din
