Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to witness an end to the correction movement on Tuesday, amid anticipation for the stamp duty tax, which is set to be applied on the bourse, analysts told Mubasher.
Technical analyst Ayman Fouda said that Monday’s session saw a correction movement of the main indices, and the main gauge attempted to rebound from the 12,350 points area.
Foreign investors tended to profit takings during Monday’s session to achieve a profit margin after a fall in the USD against the EGP, Fouda added.
Market analyst Saied Al Feqy said that the EGX30 index faces resistance levels at 12,495 points and 12,525 points, and has support levels between 12,340 points and 12,200 points.
The benchmark EGX30 fell on Monday by 0.84% or 105 points to the level of 12,444.2 points.
