Egypt’s EGX to resume stable performance this week: analysts

The indices of the Egyptian Exchange (EGX) are likely to resume the stable performance this week ahead of Christmas holidays, analysts told Mubasher.

Saeed El-Feki, CEO of Osool ESB Securities Brokerage, projected that the Egyptian bourse will resume the upward trend after the benchmark EGX 30 index broke 13,000 points.

Settling above 13,000 points will push the index to 13,250 and 13,500 points by the beginning of the new year and the end of Christmas holiday, El-Feki highlighted.

For his part, investment manager at Royal Brokerage Hesham Hassan said that the EGX could see a negative performance if it closed below 13,000 points.

Quick trading opportunities are still available, Hassan added, pointing out that the local stock market may maintain the bearish trend in the short-term amid the current high risks and the presence of margin trading.

He indicated that the EGX 30 index has main support at 12,825 and 12,675 points, while it has resistance at 13,150 points.