Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to give a volatile performance during the coming sessions amid formal negotiations for the International Monetary Fund’s $12 billion loan, analyst told Mubasher.

The main index EGX30 slightly declined to close at 7,983 points after reaching the highest level since April, according to Mubasher Research’s daily technical report.

The report suggested that new position could be built on the current downturn as long as the index holds above 7,800 points.

Ayman Fouda, head of capital market committee at the African Economic Council, said that blue-chip stocks and main indices are likely to test previous levels.

The main index will likely face the resistance area ranging from 8,030 points to 8100 points, while having support at the 7,900-7,870 area, Fouda added.

During August, Cairo bourse is expected to keep giving a sideways performance as the benchmark finished July below the mark of 8,000 points, said Ahmed Al Bagory, head of technical analysis department at Okaz Stockbrokers and Investment.

EGX30 still may target higher levels on the short and medium terms, only if holding above the mark of 8,000 points today, the analyst concluded.