CEOs and technical analysts at brokerage firms expected the negative report issued by the credit rating agency Standard & Poor’s about the future of the Egyptian economy, to drive trading on the Egyptian Exchange downward to 7,425 points on Sunday.
Standard & Poor’s revised on Friday its future outlook of the Egyptian economy from stable to negative, but kept its credit rating unchanged at B-.
Director of the Technical Analysis Division at Osool Securities Ehab Saied said the market was expected to descend on Sunday trading. He added that the report will push down the EGX30 from 7,520.5 points to 7,425 points.
He predicted that if the index falls below 7,425 points this week, it will head towards the main support point at 7,270.
Chairperson of EAC-Themar Securities Brokerage Adel Abdel-Fattah said the EGX30 is likely to fall to 7,300 points within this week.
He predicted that in case the index goes up again, it will reach a maximum of 7,500 points.
