Beltone: EGX May Slump To 5000 Mark Weighed By Cash-Ins

Mohab Ageena, head of technical analysis at Beltone Financial, said the Egyptian Exchange’s benchmark index EGX30 achieved its price target near 6000 points, at which it faced strong resistance and failed to cross it twice due to correction.

In a statement to Mubasher, the analyst pointed out that the stock market saw severe cash-ins during the few last sessions, which pushed it lower to break the 5750 level downwards. He noted that EGX30 will accordingly target 5500 level in the medium term.

However, Ageena expected upward correction to be witnessed over the coming two sessions, thus propelling EGX30 to 5800 mark again.

The analyst advised traders to take profit and reduce buy positions during the upward correction. He forecasted the gauge to continue its slide to 5100-5000 pts in the short and medium term, hurt by cash-ins.

Source: Mubasher