Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to keep giving a positive performance on Sunday, backed by the government’s negotiation for the $12 billion loan from the International Monetary Fund (IMF), analysts told Mubasher.
The benchmark index EGX30 is likely to target the mark of 8,200 points after having broken two significant resistances last week (7,700 points and 8,00 points), said Mahmoud Hossam, financial analyst at Mubasher.
Moreover, the sideways performance will likely control the bourse’s movement until the IMF loan’s negotiations are concluded and urther positive data come back to the scene, Hossam added.
Likewise, Hesham Hassan, head of technical analysis at Acumen Securities, expected further gains over the coming days, pointing out that EGX30 is to target the levels of 8,300 and 8,600 points respectively on the short-to-mid term.
Traders are advised to start building position on the short term and to maintain a liquidity ratio that is not less than 25% until EGX30 successfully holds above the coming targeted marks, Hassan concluded.
On Thursday, EGX30 closed the session 1.47% or 116.1 points higher to 8,030.8 points on foreign and Arab institutional purchases.
