Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways-to-declining this week, analysts told Mubasher.
The benchmark EGX30 index is expected to carry on the downward trend if it fails to surpass 13,177 points on Sunday and test 13,500 points, head of the capital market committee at the African Economic Council Ayman Fouda said.
The index could retest 13,260 and 13,330 points if it breaks resistance at 13,170 points, Fouda highlighted, pointing out that the EGX30 has support at 12,900 and 12,800 points.
As for the small- and mid-cap EGX70 index, he indicated that it has a short-term resistance at 675 and 688 points and has support at 660 and 650 points.
For his part, Safwat Abdel Naeem, branch manager at Mubasher Financial Services (MFS), said that the EGX is expected to continue the bearish performance it started seeing since May.
The Egyptian bourse closed last week near 13,000 points, which will support the market to positively rebound and close today’s trading session above 13,500 points, Abdel Naeem added.
He projected investment funds to rebuild new purchasing positions and retarget levels near 16,000 points by the end of this year.
