Cairo-Mubasher: The Egyptian Exchange’s (EGX) indices will likely continue their winning run for the fourth straight session, with the benchmark EGX30 targeting the 6,000 levels, analysts told Mubasher.
Khalid Najah, head of trading at Mega Investment, said the market is expected to show positive performance throughout the day, propelled by bellwethers.
On Wednesday, real estate stocks such as Palm Hills pushed the exchange higher amid institutional buying. However, EGX70 was hurt by profit-taking, Najah said.
Mona Hassan, chief technical analyst at MubasherTrade, projected the benchmark to continue its rally, targeting the 6,000 level.
Ayman Fouda, head of capital market committee at the African Economic Council, said the bourse will likely witness a sideways movement in the next period until vision becomes clear about the performance of peer markets.
The economic group does not have vision about providing the dollars needed to fulfill the state’s core obligations, Fouda said, adding that the wide financing gap signals a decline in foreign cash reserves, which will weigh on the financial results of listed companies and the confidence of investors in the local market.
EGX30 closed Wednesday 0.9% higher, adding 53 points to reach 5947.7. Meanwhile, EGX50 edged up 0.18% to 1093.7.
Translated by Abdul Maguid Aboshahla
