EGX 30 Likely To Hit 5600 Pts Level On Funding Hopes: Experts

A number of capital market experts forecasted that the Egyptian Exchange (EGX) indices will maintain in the green zone through this week. The benchmark EGX30 is seen next target standing at the level of 5600 pts.

The experts attributed the last week’s upwards to the political and economic stability alongside a number of key economic indicators, particularly the IMF loan to Egypt and the US $4 billion planned investments in sectors of financing, tourism, petroleum, telecommunications, and industries for the coming 4 years.

Mohamed Anwar – analyst at Wedian Securities Stock Brokerage & Bookkeeping – said the EGX benchmark has managed to reach the targeted level of 5300 pts during the last week sessions due to the economic and political stability.

Anwar forecasted that the EGX indices will be pushing upwards during the coming sessions amid a number of positive economic indicators such IMF loan to Egypt, US investment plans and China-Egypt talks repercussions.

“EGX 30’s next target stands at levels of 5650 – 5800 pts this week.” Anwar added

Additionally, Mohamed Saeed – Portfolio Manager at IDT Consulting & Systems, said EGX30 had neared 5600 pts during last week sessions so the next target stands at the level of 5640 pts. He also mentioned that EGX30’s support level will be at 5480 pts and resistance level at 5570 pts.

“For the mid- and small-cap index – EGX70’s next target will likely stand at the levels of 515 – 530 pts through this week sessions. The support level will be at 490 pts and resistance at 510 pts.” Saeed added