Egyptian stock market to see upward trend Tuesday

By Amwal Al Ghad English On Aug 28, 2018

The Egyptian Exchange (EGX) is likely to see a bullish trend on Tuesday on the back of heavy liquidity, analysts told Mubasher.

The EGX is expected to rise on today’s trading session as the benchmark EGX30 index is hovering around 16,000 points, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.

The Egyptian stock market closed Monday’s trading session on a mixed note and the EGX30 index dipped 0.02 percent at 15,236.64 points.

The heavyweight Commercial International Bank (CIB) ended yesterday’s trading session at 83 pounds up from 80 pounds.

The EGX30 index may target 15,900 and 16,400 points if it rebounds above 15,630 and 15,640 points, Naguib indicated.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the downward trend is still controlling the local market.

The EGX30 index has a short-term resistance at 15,303 and 15,551 points, while it has support at 15,070 and 14,470 points, Fouda highlighted.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 740 and 744 points, and it has support at 736 and 728 points, he added, pointing out that the index may retest 720 points if it breaks main support level.