Egypt’s stock exchange likely to rise Monday on liquidity
The Egyptian Exchange (EGX) is likely to hover around 16,000 points amid heavy liquidity on Monday, analysts told Mubasher.
The benchmark EGX30 index is expected to retest resistance near 15,395 and 15,550 points on the back of heavy liquidity to test 15,812 points, head of capital market committee at the African Economic Council Ayman Fouda said.
Moreover, the index has main support at 15,237 and 15,090 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 744 and 752 points, he added.
The EGX70 index may retest 720 points if it fell below main support levels at 735 and 728 points, he pointed out.
Fouda recommended investors to trade on active stocks quickly and benefit from rebounds, in line with trading patiently while buying on margin.