Egypt’s EGX to see upward trend this week

The indices of the Egyptian Exchange (EGX) are likely to see a bullish trend this week and hover around 13,700 points to test 12,850 points, analysts told Mubasher.

The benchmark EGX 30 index rose for the fourth consecutive trading session last Thursday, closing above 13,700 points, Ibrahim El Nemr, head of technical analysis at Naeem Brokerage, said.

The index is expected to test resistance at 13,850 points, which will pave the way for targeting 14,500 points, El Nemr highlighted.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is expected to perform positively this week.

The EGX 30 index may retest 13,800 and 13,970 points if it settled above 13,730 points, Fouda added, pointing out that the index has support at 13,650 and 13,550 points.

As for the small- and mid-cap EGX 70 index, he said it has a short-term resistance at 702 and 712 points, while it has support at 695 and 688 points.