By: Heba El-Kordy
Cairo – Mubasher: Analysts are having different opinions regarding the performance of the Egyptian Exchange (EGX) on Thursday, the end of September’s first week.
The benchmark EGX30 index is expected to see support at 13,250 points, in line with the end of profit-taking operations, some analysts told Mubasher.
On the other hand, some analysts are expecting the EGX30 index’s downturn trend to continue and the index is likely to test support at 12,700 points.
The EGX30 index is anticipated to maintain its descending performance and it is likely to face support at 12,700 points to break over between 13,200 and 13,300 points, head of technical analysis at Prime Securities Mohamed Khedr said.
Blue chips are forecast to carry on with the medium-term positive performance for both Global Telecom’s and Talaat Moustafa Group’s stocks, Khedr said, adding that Madinet Nasr Housing, EFG Hermes, and Ezz Steel are likely to drop aiming new lower levels, with the anticipation of short-term weak rebounds to occur.
He stressed on dealing with each stock separately due to the mixed performance of blue chips, recommending short-term investors to diminish positions.
Capital markets expert Toni Kamal expressed his optimism about Thursday’s session, pointing out that the EGX30 index has support at 13,250 and 12,900 points.
The EGX30 index targets the level between 13,700 and 13,500 points, Kamal added, expecting profit-taking to end on Thursday.
The tourism sector tops the sectors attracting liquidity, led by Egyptian resorts and Porto Group holding, followed by the housing sector, represented in Heliopolis Company for Housing and Development and Palm hills, Kamal highlighted.
He added that the chemicals sector is ranked third, led by the rising stocks of Egyptian Financial and Industrial (EFIC) and Egyptian Chemical Industries (Kima),
The small- and medium-sized stocks EGX70 index is likely to see support at 680 points, Kamal said, expecting this level to carry on, as the index aims 710 points in September.
Translated by: Mai Ezz El-Din
