EGX30 to fluctuate between 15900pts and 16450pts this week

Saturday 07 July 2018 09:10 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Mona Abd El-Bary

Fluctuations, having the upper hand in the past few weeks, are expected to continue during EGX's trades this week, driving EGX30 to move between 16000pts and 16500pts, according to analyst.
Index tracking small and medium-sized companies is expected to fare well as compared with the benchmark EGX30 index.
Stocks' plummeting and slowing down during July and August are attributed to extended summer holidays, dismissing worries and fears regarding the reason behind the market's poor performance.
" EGX30 is set to move between 15900pts and 16450pts and EGX70 between 790pts and 812pts," said head of technical analysis at Aman Securities Mohmed El-Asaar.
Porto Group stock is expected to move between EGP0.25 and EGP0.28 as compared with EGP0.26 last Thursday, Qalaa Holding between EGP3.35 and EGP3.65 as compared with EGP3.53 on Thursday, Pioneers holdings between EGP8.30 and EGP9.40 as compared with EGP8.52 on Thursday.
AMOC stock is expected to move between EGP11.25 and EGP12 as compared with EGP11.7 earlier, Egyptian Steel between EGP6.25 and EGP6.75 as compared with EGP6.47 earlier, Egypt Telecom between EGP13.85 and EGP14.70 as compared with EGP14.11, and Palm Hills between EGP4.10 and EGP4.55 as compared with EGP4.29 earlier.
" Sideways moves and dipping volumes are expected to dominate July and August's trades on the back of summer holidays," Pharos Investment Bank said.