Egypt’s EGX to hover 15,250 points Wednesday – Analysts
The Egyptian Exchange (EGX) is expected to maintain the sideways trend on Wednesday and hover around 15,250 points, analysts told Mubasher.
EGX is likely to see a rebound after the benchmark EGX30 index hit sub-support at 15,150 points amid low traded volume, head of the business development and strategy department at Pioneers Securities Mohamed Gab Allah said.
The EGX 30 index may rebound between the levels of 15,200 and 15,250 points during today’s trading session, Gaballah highlighted.
The benchmark has main support at 15,150 and 15,070 points and has main resistance at 15,250 points, he added.
He projected the financial service sector and the industrial sector to perform positively in Wednesday’s session.
As for the small- and mid-cap EGX 70 index, Gaballah said it has resistance at 722 and 730 points.
For his part, Ayman Fouda, head of the capital market committee at the African Economic Council, said that the Egyptian bourse has seen a wave of profit-taking yesterday.
The EGX 30 index has a short-term resistance at 15,200 and 15,321 points, while it has support at 15,076 and 14,810 points, Fouda noted.
Meanwhile, the EGX 70 index has a short-term resistance at 733 and 745 points and has support at 715 and 705 points, he added.