Technical analysts and executives of brokerage firms predicted that the Egyptian Exchange (EGX) will continue its stable performance amid a state of stability experienced in the market over the past week.
Mohamed Al-Assar, head of the technical analysis department at the National Bank of Kuwait (NBK), said the Egyptian Exchange’s benchmark index EGX-30 will range Sunday between 7,500 points and 7,600 points in light of weak trading volumes below EGP 500m.
He predicted that the index will fluctuate during this week’s trading, before the holy month of Ramadan, between 7,350 and 7,750 points, taking into consideration that the index recorded 7,531 points during last week’s trading.
In regard of the expected performance of the most prominent stock shares, Al-Assar said that the shares of Commercial International Bank (CIB) are likely to range between EGP 43.25 and EGP 43.5. Orascom Telecom Media and Technology’s (OTMT) shares are expected to range between 0.71 and 0.76 pts, Arabia Cotton Ginning (ACGC) would range between EGP 2.30 and 2.35, and Global Telecom between EGP 2.95 and 3.15.
Adel Abdel Fattah, chairperson and managing director of the Egyptian Arabian Company Themar for Securities Brokerage (EAC), upheld this prediction, pointing out that the market’s anticipation of the acquisition deal of Beltone Investment Bank over CI Capital has led to the stable performance of the indexes.
Abdel Fattah predicted that the market will range between 7,300 and 7,600 points during this week’s trading until the Beltone-CI Capital acquisition deal is concluded.