Cairo – Mubasher: The Egyptian Exchange is likely to move sideways amid a profit-taking wave on blue-chip stocks, said analysts.
The stock market is currently moving flat between the mark of 7,257 points and 8,000 points, said Khaled Nagah, head of trading at Mega Investment, adding that the benchmark, if kept moving above the current level, will run bullish in the coming period.
Speculators are strongly trading on EGX70 stocks, while poor buying appetite for EGX30 stocks is still the main driver behind the current mixed performance, Nagah concluded.
Ziad Sheta, client accounts manager at Grand Capital, also expected the stock market to move downwardly sideways. Due to the process of profit-taking, the benchmark targets the mark of 7,300 points, he added.
Yesterday, Cairo bourse end the trading session on a mixed note after EGX30 fell 0.06% to the mark of 7,494.7 points.
