EGX30 to advance to 16350pts on Thursday

Wednesday 11 July 2018 08:57 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Asmaa El-Sayed
The Egyptian Stock Exchange ended Wednesday's session on an up note with the exception of index tracking small and medium-sized companies which closed trades at 779.6pts, the same level as in previous session.  
EGX30 rose by 0.20% to 15952pts, the broader index by the same percentage to 1997pts, and the equal-weighted by 0.68% to 2709pts.
Stocks were exchanged at EGP798mln value and of a total of 175 stocks, 68 rose, 62 fell while 45 remained unchanged.
Market cap gained EGP2bn, as Wednesday's trades  closed at EGP889bn as compared with EGP887bn in Tuesday.
Regarding performance of small and medium-sized index, analysts said that the index will remain unchanged at current levels pending finalization of regular review checking the in-and-out trajectory of its stocks.
Analysts predict EGX30 to test and stay above  16000pts level in Thursday's trades and to advance to new levels at 13650pts.
" EGX30 is expected to move up, even temporarily, to test level 16100 - 16125pts. With small and medium-sized index failing to stay firm above the support level of 790pts, it will retreat towards the next support level at 750pts," said head of technical analysis division at Al-Naeem Holding Ibrahim El-Nemr.
On the same vein, Hisham Hassan, head of investment division at Royal Securities predicted EGX30 to test and cross resistance level 16000pts then to advance to higher levels at 16350pts.
Small and medium-sized index is expected to proceed with its negative performance pending the regular review due to be conducted by EGX, he noted.