Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to rise on Thursday if the benchmark EGX30 index breaks resistance above 15,640 points and moves towards 16,000 points, analysts told Mubasher.
Head of technical analysis at Naeem Brokerage Ibrahim El Nemr said that surpassing 15,640 points will pave the way for the EGX30 index to move towards 16,000 points.
The main indices of the EGX would maintain rising on the back of the recent purchasing powers, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The EGX30 index has a short-term resistance at 15,850 and 16,000 points, and has support at 15,560 and 15,470 points, Fouda highlighted.
The small- and mid-cap EGX70 index has a short-term resistance at 752 and 767 points, and has support at 740 and 736 points, he added.
It is worth noting that the EGX ended Wednesday’s trading in green territory on the back of Egyptian and Arab buying.
The EGX30 index closed yesterday’s session up 0.58% at 15,670.18 points, slightly above 15,600 points.
