EGX30 to target 16600pts on the short term, closed 1.85% higher today

Tuesday 31 July 2018 09:55 PM

Egyptian Stock Exchange
Egyptian Stock Exchange

By Ahmed Aly  
Egyptian Stock Exchange managed to hover higher than the resistance level of 15500pts on the backdrop of positive moves led by the heavyweight Commercial International Bank which rose by 2.14%, surpassing the resistance level of EGP84.5.
EGX ended Tuesday's trades on an up note, as EGX30 rose by 1.85% to 15580pts, EGX70 by 0.56% to 744.53pts, and the broader EGX100 by 0.74% to 1930.12pts.
Analysts expect EGX30 to move positively during Wednesday's session, suggesting the index to cross the resistance level of 15500pts and stay higher, targeting 15750pts, while they expect EGX70 to move towards 750pts.
" CIB's stock gave impetus for  EGX30 to rally today, but the index was supported also by Sewedy Cable Co. and EFG-Hermes," said chairman of EGX Ihab El-Saed.
Crossing EGX30 by EGX30, on top of the positive moves of blue chips, signifies the market ability to pursue  a rallying trajectory kick-started today, he added.
" EGX30 is expected to be tested in order to  confirm its ability at crossing 15500pts level, as the index is set to target 15750pts on Wednesday on the backdrop of the positive moves of CIB, Talaat Mostafa and EFG-Hermes and to target 16000pts on the short term."