Egypt’s stocks to maintain bull run amid heavy liquidity
Egypt’s stocks are likely to perform positively on Monday’s trading session amid heavy liquidity, analysts told Mubasher.
The Egyptian Exchange (EGX) was able to close last week in green territory despite seeing a wave of profit-taking, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.
The benchmark EGX30 index is expected to target 17,050 points after breaking 16,571 points, he forecast.
The index has support at 16,180, 16,000, and 15,781 points, he highlighted, adding that it has resistance at 16,386, 16,450, and 16,571 points.
On the other hand, the small- and mid-cap EGx70 index is still moving downwardly, Naguib noted, pointing out that the index may just rebound.
He indicated that the EGX70 has support at 790 points and resistance at 820 points.