Last week was a negative week as the market declined significantly, leading the EGX 30index below its support that lies at 11,300. The index is approaching our target that lies at 10,700and should begin to rebound once again near this area. It is important, however, not to break below 10,400-10,500as a violation below this major support will have real bearish implications on the market.

We will be watching the market closely in the coming period to see whether it will be able to rebound or not; we are not expecting a break below 10,400but we should be ready that if this unlikely scenario takes place, things will be bad.