Technical analysts and executives of brokerage firms predicted that the Egyptian Exchange (EGX) will continue its horizontal trend, ranging between 6,900 and 6,990 points during Sunday’s trading session.
The expected sideways trend in the stock market came as a result of the absence of positive events that encourage the market, in parallel to lower trading.
The EGX closed on Thursday at 6,942.52 points, with a 0.15% increase.
Mohamed Al-Assar, head of the technical analysis department at the National Bank of Kuwait (NBK), said that the market is expected to maintain its sideways trend during Sunday’s trading, ranging between 6,900 and 6,990 points.
He added that a state of stability controls the trading of the leading shares, as well as small and medium shares, noting that the EGX70 index aims to range between 348 and 355 points during Sunday and Monday’s sessions.
Regarding the expected performance of the most prominent stock shares, Al-Assar said that the shares of Commercial International Bank (CIB) are likely to range between EGP 39.25 and EGP 40.25. Global Telecom is expected to range between EGP 3.12 and EGP 3.20. Qalaa Holdings would range between EGP 0.97 and EGP 1.01, while Hermes will move between EGP 10.45 and EGP 10.75.
Adel Abdel Fattah, chairperson and managing director of the Egyptian Arabian Company Themar for Securities Brokerage (EAC), said the stock market would continue its sideways trend with the expectation of moving up on Sunday, after the global markets have calmed down following Britain’s exit from the European Union.