EGX aims to close between 6990 – 7050 points Sunday

Analysts and executives at securities brokerage firms expect the stock market to close between 6990 – 7050 points on Sunday.

They also anticipate the benchmark index, EGX-30, to fluctuate between 6900- 7150 points this week.

The stock market concluded trading Thursday having increased 2.84% from Wednesday, closing at 7006.01 points.

Head of the National Bank of Kuwait Technical Analysis Department Mohamed Al-Aasar expects the stock market to see weak trading on Sunday as foreign investors are currently on holiday.

He anticipated that the EGX-30 index will begin trading Sunday with a low target of 6950 points, before it rises again to fluctuate between 6990 and 7050 points.

There will only be four sessions this week, due to the Coptic Christmas holiday next Thursday, he said, predicting that the stock market will fluctuate between 6,900 and 7,150 points.

He nominated a number of stocks for investment this week, including Ezz Steel that may move between EGP 8.85 and EGP 9.25, CIB between EGP 36.8 and EGP 40, Heliopolis Housing and Development between EGP 46 and EGP 52, and SODIC between EGP 9.20 and EGP 9.90.

Moreover, Orascom is likely to move between 69 and 76 piasters, Ganoub El Wadi Petroleum Holding between EGP 4.05 and EGP 4.5, and Telecom Egypt at EGP 6.30-EGP 6.80, according to Al-Aasar.

Managing Director of Mubasher Trade, Ehab Rashad, said the market is likely to move between 6900 and 7200 points Sunday.

He predicted a conservative movement during the week the stock will move below 7200 points, as there are low expectations for the Egyptian economy 2016.  This conservative fluctuation is unlike previous years in which the stock market recorded a more significant increase.

Movement indicators and values ​​of trading last week

Investors last week

+ indicate net purchases

– indicate net sales