Head of Al-Awael Company for Financial Consultations, Wael Enaba, said that the Egyptian Stock Exchange index has been trading around the level of 12,000 points since the beginning of this year, whether up or down.
In an interview with Al-Arabiya, Enaba added that the level of 12,000 points was the top of the Egyptian market in 2008, when stock prices were at historical levels.
Enaba indicated that despite achieving the level of 18,000 points in 2018, However, it is not the real top of the market.
He explained that the market is awaiting whether this area will be crossed or not, noting that trading is weak so far.
Enaba revealed that the market is waiting for incentives to support the performance of the main index to exceed these levels, expecting that the announcement of the results of the leading companies next February will contribute to the index exceeding the level of 12 thousand points.
He pointed out that the majority of companies recorded growth in 2021, compared to the results of 2020, affected by the pandemic.
Enaba expected that the banking and telecommunications sectors would achieve the strongest profits for the fiscal year 2021.
He pointed out that the banking sector recorded very good profits in the first nine months of 2021, led by Commercial International Bank.
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