Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a positive sideways trend on Thursday, the last trading session in March, analysts told Mubasher.
The main indices of the EGX are likely to see a sideways-to-rising trend on the last trading session in March on the back of potential purchasing power near support levels of stocks with positive financial news, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 17,365 and 17,375 points, targeting 17,500 points, while it has support at 17,113 and 17,000 points, Fouda highlighted.
The EGX70 index is likely to see a short-term sideways trend, pressured by profit-taking, he indicated.
Fouda further noted that the EFX70 index has a short-term resistance at 878 and 885 points, and has support at 858 and 850 points.
He recommended investors to hold onto their stocks, in line with maintaining trades on active stocks and holding onto liquidity to rebuy near support levels.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index is moving upwardly in the short, medium, long terms after hitting record highs on Wednesday’s trading session.
Additionally, the EGX70 index has resistance at 17,375, 17,750, and 18,000 points, while it has support at 17,000, 16,730, and 16,490 points, Armia remarked.
