CI Capital deal raises expectations of a fluctuating EGX 30

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.