Cairo - Mubasher: Analysts expect recent bombings witnessed in the Egyptian capital in recent days to have little effect on the performance of the Egyptian Exchange (EGX).
Although EGX migh be slightly effected on the week’s first session on Monday, within another one or two session, these negative impacts are expected to decline, especially since the Egyptian bourse has become more affected by exchange rates, analysts told Mubasher.
A bomb blast at the Coptic Cathedral in Cairo on Sunday left 25 were and tens wounded, while 6 policemen were killed in another attack on Friday.
The CEO of EAC Finance, Adel Abdelfatah, said that the recent attacks in Kafr El Sheikh, Giza, and Cairo, will have little effect on EGX, and expected EGX30 to move between 11,100 and 11,600 points.
Meanwhile, Rania Yacoub, chairwoman of 3Way Finance, expected the recent attacks to impact the market only on the short term, especially when it comes to individuals’ trading activities, adding that the support levels of EGX30 at 11,150 and then at 10,900 must be respected.
Said El-Fekym, CEO of Osool ESB Securities' Brokerage also agreed that these attacks will have short-term effects, and added that terrorists are seeking to challenge the country’s stability, he also noted that this came in time where the main index is seeing profit gaining and correction.
