EGX Indices Seen Further Upwards This Week: Analysts

Stock market analysts said the Egyptian Exchange (EGX) indices will maintain their positive performance this week. They see that the main index EGX30 may target 5300 level if it moves to 5100 level.

Rania Nassar, Head of Technical Analysis at Economic Group For Brokerage & Book Keeping, said EGX indices are forecast to witness further upwards this week.

“The main gauge is forecast to test resistance of 5080 level; it might even go on to target 5400:5600 zones.” Nassar added

Additionally, Safaa Fares – technical analyst at Tropicana For Brokerage – mentioned that certain shares will witness upwards on the basis of the continuation of the political stability. These shares are of Arab Gathering Investment (AMIA.CA), of General Co. for Land Reclamation, Development & Reconstruction (AALR.CA), of Palm Hills Development (PHDC.CA) and of the Six of October Development and Investment Company (SODIC.CA).

“Shares of Orascom Construction Industries (OCI) (OCIC.CA) and of Commercial International Bank- Egypt (CIB) (COMI.CA) are expected to exceed EGP 265 and EGP 31 respectively per share.” Fares added

“Shares of Remco for Touristic Villages Construction (RTVC.CA) are forecast to reach EGP 260 per share as well.”

Worth mentioning, The Egyptian Exchange (EGX) gained EGP 10.158 billion during last week sessions as the capital market has reached EGP 349.926 billion on Thursday July 5th. Noting that, the capital market had reached EGP 339.768 billion on Thursday May 28th.