"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGX to break through resistance level of 8,500 points
Analysts and technical reports predict that stability on this level will make EGX move to 9,000 points this week
Mohamed Ahmed Published in Daily News Egypt on 15 - 10 - 2016

Analysts and technical reports predict that the Egyptian Exchange (EGX) will break through a resistance level of 8,500 points during this current trading week. If the EGX succeeds to remain stable at this level, it may perhaps move to 8,800-9,000 points.
The EGX30 added 1.63% of its credit during last week's trading and closed at 8,505 points.
The director of the technical analysis division of Osool Securities Brokerage, Ehab Saeed, said that EGX's performance was affected by last week's conflicting events concerning Egypt's economic relations with countries and foreign institutions, after news about the halt of Saudi oil aids.
However, the Central Bank of Egypt (CBE) announced the arrival of a Saudi deposit worth $2bn as an essential step to get the International Monetary Fund (IMF) loan, reflecting in a rise of the EGX by the end of last week's session.
Saeed explained that, this week, the EGX will focus on moving to a resistance level of 8,500 points, and perhaps to 8,800- 9,000 points.
Regarding the performance of stock shares, Saeed said that the shares of Commercial International Bank (CIB) might test the resistance level of EGP 55 after it reached EGP 53.35.
The shares of Talaat Moustafa Group Holding Company (TMGH) exceeded the resistance level of EGP 5.90.
It is expected that Hermes' shares might move to a resistance level of EGP 14.25. It is also expected that the Hermes share will continue to rise to EGP 15.20.
According to a technical report issued by securities broker Mubasher, the next resistance level of the EGX will close at 8,850 points.
The report also pointed out that the CIB shares face a resistance level at EGP 56.30, while TMGH shares at EGP 5.85.

Clic here to read the story from its source.