The Egyptian Exchange (EGX) aims to continue climbing this week, through moving towards 14,000 points,driven by foreign purchases, which have previously helped the market go beyond the pivotal resistance at 13500 points. In the past week, foreign institutions continued to set up intensive financial positions in stocks. The EGX main index successfully exceeded 13,500 points and confirmed the break through the last session, where the market was able to consolidate and approach 13,700 points . Mohamed El-Aasar, head of the technical analysis department at Watany Capital Securities, said that the market will move near 14,000 points this week, thanks to the purchases of foreign institutions. A research paper by the Technical Research Unit of CI Capital said the index surpassed the 12,900-12,935 area towards 13,500 points and targets 13,800-14,000 points.

Source: Daily News Egypt June 11, 2017 06:02 UTC