Cairo – Mubasher: The Egyptian Stock Exchange (EGX) is still maintaining its uptrend on the long term, in line with the correction it witnessed in the past sessions, analysts told Mubasher.
The market’s indexes offset the impacts of the new cabinet reshuffle, and expectations that the Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) will keep the interest rate unchanged, according to Ayman Fouda, head of capital market committee at the African Economic Council.
The EGX30 index is likely to target 12,500 then 12,580 points, but its support should stand at 12,300-12,225 points in this case, Fouda noted.
Stability of the main index above its support 12,300 points on Wednesday is likely to push it higher to its resistance at 12,800 points, Mohamed Khedr, head of technical analysis at Prime Securities, told Mubasher.
The EGX30 is generally moving sideways between 13,550 and 12,575 points on the short term, according to Ahmed El Bagoury, head of technical analysis department at OKAZ Securities Brokerage.
