EGX30's blue chips to lead the way this week, analysts

Saturday 01 December 2018 10:37 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Mona Abd El-Bary
Analysts predict blue chips to take positive moves during this week's trades at the Egyptian Stock Exchange, as  stocks of non-banking financial services sector,  freight, unloading and building materials companies are set to rebound.  
" This week is expected to see some stocks taking a selective upward path, notebly Global Telecom which is likely to move to EGP3.90, Talaat Mostafa to EGP8.90, Palm Hills to EGP2.70 and Emaar to EGP3.45," said head of brokerage at Pioneers Securities Amer Abd El-Kadr. 
Profit-taking will see Qalaa Holdings move to EGP3.60, whereas retreats of Heliopolis Co. for Housing & Development may come to an end at EGP16.60 level, and Elsewedy Cables will bounce back to EGP15, added he, advising investors to intensify trades. 
"Non-banking financial services sector, spearheaded by EFG-Hermes,  is expected to rally toward EGP15.20," said head of technial analysis at Aman Co. Mohmed El-Aser. 
The main EGX30 benchmark index  is set to hover near EGP3.90, Telecom Egypt EGP13, Palm Hills EGP2.70 and Arab Co. for Assets Management and Development EGP3.05, he added. 
Some stocks trading on EGX70 may move to EGP10.60, Sidi Krir Petrochemicals to EGP18.5, Mina Tourist Investment to EGP1.95, Ramco Contractors to EGP3.90. 
 Freight, unloading and construction companies deserve to be ranked  among promising key sectors in the Egyptian market, according to member of the capital market's consulting committee Rania Yaquub.