Technical analysts predicted that the Egyptian Exchange (EGX) will continue its sideways trend, ranging between 7,550 and 7,600 points during the Sunday session.
A steady session is expected after the good performance of the stock market in the previous week.
The analysts had said that the market was expected to break its sideways trend during Sunday’s trading and reach 8,000 points if the Central Bank of Egypt (CBE) decided to devaluate the Egyptian pound again.
By the end of last week’s trading, EGX-30 index rose by 5.57% recording 7,583 points. The small and medium shares index EGX-70 jumped by 1.61% recording 360 points.
Ehab Saeed, director of the technical analysis division of Osool Securities Brokerage, said the performance of the stock market’s session will be stable this week, unless the CBE decided to devaluate the pound.
In regards to the expected performance of the most prominent stock shares, Saeed said that the shares of Commercial International Bank (CIB) are likely to range between EGP 43.30 and EGP 45.5. Global Telecom is expected to range from EGP 4 to 3.10. Hermes would range between EGP 11.80 and EGP 12.5.
Saeed said the stock market would continue its sideways trend ranging between 7,700 and 7,800 points with expectations that trading value will decline lower than EGP 500m.
Head of the analysis department in Naeem Investment Bank, Ibrahim El-Nimr, said the EGX will continue its sideways trend, ranging between 7,500 and 7,700 points during Sunday session.
He suggested that the Sunday session will witness calm profit-taking, to take advantage of the good performance of the stock market during the past week.
The CIB is likely to range from EGP 42 to EGP 43.5. While Hermes would range between EGP 11.8 and EGP 12.25.