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EGX30 expected to move sideways between 8,248 and 8,343 points - Daily News Egypt

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EGX30 expected to move sideways between 8,248 and 8,343 points

EGX30 expected to move sideways between 8,248 and 8,343 points

Analysts and technical reports predicted that the benchmark index EGX30 of the Egyptian Exchange (EGX) will move sideways after it rose to a rate not exceeding 0.8% and closed at 8,343.3 points last week.

Analysts guess that EGX30 will move sideways narrowly with a support level of 8,248 points and a resistance level of 8,343 points, in light of the ambiguity of the Central Bank of Egypt’s (CBE) decision on the Egyptian pound exchange rate crisis.

Ehab El-Saeed, head of technical analysis at Osool Securities Brokerage Company, said that the “fogginess” regarding the CBE’s decision to deal with the crisis was reflected in the performance of EGX30, which moved sideways between 8,248 and 8,343 point at the end of Thursday’s trading.

El-Saeed expected that the EGX will keep moving sideways between ​​8,180 to 8,500 points, in case of any new decisions on the exchange rate.

He added that the small- and medium-sized enterprises index EGX70 will break through a resistance level near 337 points. If EGX70 succeeds in holding itself at this level, it is likely to rise to 343 points.

In terms of stock performance, El-Saeed said that the Commercial International Bank’s (CIB) shares are likely to continue moving between EGP 51 to EGP 53.3.

He added that the shares of Talaat Moustafa Group Holding Company (TMGH) will move between EGP 5.25 and EGP 5.80.

He pointed out that Global Telecom shares witnessed a wave of profit-taking and approached EGP 4.84. It is expected that the shares will try to benefit from the support-level that extends up to EGP 5, to rise to the level of EGP 5.5 in the case that it succeeds.

It is expected that Hermes’ shares will move to a resistance level of EGP 15.5. It is also expected that the Hermes share will continue to rise to EGP 16.7.

According to a technical report issued by securities broker Mubasher, there is a disparity in the performance of blue chip stocks.

The report pointed out that Madinet Nasr Housing & Development shares are moving sideways, reaching a resistance level of EGP 15.20.

Sixth of October for Development and Investment’s (SODIC) shares are moving towards a resistance level of EGP 14.20.

The report also predicted that Masr ElGedida shares will move upwards to a resistance level of EGP 58.25, and towards a second resistance level of EGP 62.5.

Topics: EGX30 points

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