By Mahmoud hammad
Ihab Saeed, managing director of Osool ESB Securities Brokerage, said that Egyptian Exchange (EGX) benchmark index EGX 30 is expected to fluctuate between the previous 7360 resistance level; one which could be considered a level of preserving profits – and the new 7630 resistance level, until the purchasing power, which is capable of pushing it upward, grows back.
In a statement to MEO, Saeed pointed out that the EGX performance was affected last week following the hold-up of Beltone’s, a subsidiary of Orascom Telecom, deal to take over CI Capital. This news especially influenced CIB, Orascom Telecom and Beltone’s .
As for the index of small and medium stock EGX70, he said it focuses on a resistance level at 375-377 points, which might hinder it temporarily from moving upwards.
