By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a negative performance on Monday, pressured by Commercial International Bank – Egypt (CIB) and Ezz Steel, analysts told Mubasher.
Mohamed El Naggar, head of research at El Marwa for Securities and Brokerage, said that the benchmark EGX30 index is forecasted to see a bearish performance, pressured by CIB and Ezz Steel.
The EGX30 index is targeting 13,710 points, El Naggar added, pointing out that the index will rebound to 13,680 points in case it did not break above this level.
However, the index will witness a good performance if it broke above 13,710 points, El Naggar indicated.
The EGX70 index is expected to maintain the stable performance to target 830 points, he highlighted.
The analyst anticipated the real estate sector to carry on the positive performance alongside with the aluminium sector, which is still strong.
The economist and capital market expert Safaa Fares said that the EGX30 index has resistance at 13,780 points, targeting an upside potential at 14,000 points.
The index has support at 13,630 points and may target a downside potential at 13,500 points, Fares highlighted.
The EGX70 index has resistance at 794 points and may target an upside potential at 810 points, while it has support at 778 points and may target a downside potential at 768 points, she added.
The economist noted that the heavyweight CIB may see resistance at EGP 77.88 and EGP 79 and face support at EGP 75.80 and EGP 74.30.
Translated by: Mai Ezz El-Din
