Egypt’s bourse to maintain upward trend, move towards 15,200 points

The Egyptian Exchange (EGX) is expected to move towards 15,200 and 15,500 points, analysts told Mubasher.

Hesham Hassan, head of technical analysis at Acumen for Securities forecast the benchmark EGX30 to maintain the positive performance, targeting 15,200 and 15,500 points, while it has support at 15,000 and 14,700 points.

The EGX30 index closed Tuesday’s trading session up on the back of Commercial International Bank (CIB) which surpassed 77 pounds to hover around 82 pounds and 85 pounds, Hassan indicated.

The EGX30 index ended Tuesday’s session on a positive note to record a new high at 15,159 with a good turnover on the back of CIB and Sidi Kerir Petrochemicals (Sidpec), market analyst at Mubasher Financial Services (MFS) Shahd Raafat said.

The index is still facing key resistance at 15,000 and 15,200 points, Raafat noted.

Moreover, market analyst at Pioneers Holding Mohamed Gaballah said that the EGX30 index was able to overcome a wave of profit-taking before the Coptic Christmas holiday.

The index is still moving upwardly towards 15,300 points, Gaballah highlighted, adding that the index has support at 15,060 points.

The heavyweight CIB is targeting 82 pounds, and it has support at 72 pounds and 77 pounds, he added, pointing out that the stock may test 98 pounds on the medium term if it settles above 82 pounds.

The EGX70 small- and medium-caps EGX index is seeing a sideways trend between 815 and 850 points, the analyst highlighted.