Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see sideways performance and profit takings during Monday’s trading, analysts told Mubasher.
Market analyst Saied Al Feqy said that the bourse is awaiting positive news to escape the sideways trend amid a lack of purchase power, expecting the benchmark EGX30 index to reach the resistance level of 12,800-13,000 points.
Technical analyst Ayman Fouda said that a decline in trading value by institutions and foreign investment funds was noticed, which led to a profit taking trend after the fall in the USD-EGP pair.
Fouda expected the index to face resistances at 12,740-12,815 points, while the support levels are 12,525-12,470 points.
The EGX30 closed yesterday at the level of 12,549.14 points, falling 0.81% or 103 points.
