By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a calm performance on Wednesday, analysts told Mubasher.
The benchmark EGX30 index is likely to remain stable above 16,900 points as it has resistance at 17,500 points, capital market expert Michael Mamdouh Naguib said.
The index may test support at 16,445 points if it falls below main support of 16,914 points, he pointed out.
The heavyweight Commercial International Bank (CIB) has support at EGP 86 and it may positively rebound to test EGP 92.5, Naguib indicated.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is projected to maintain the sideways trend during the holy month of Ramadan until positive market-boosting catalysts push the indices to retest main resistance levels.
The EGX30 is likely to move in an upward direction in the long-term, see a volatile trend in the medium-term, and see a downward trend in the short-term, Fouda noted.
The EGX may retest sub-resistance at 17,100 and 17,330 points and support at 16,850 and 17,670 points, he pointed out, forecasting the index to retest 16,525.
He also added that the small- and mid-cap index EGX70 has resistance at 855 and 870 points, while it has support at 840 points.
The EGX70 index could retest 836 and 820 points if it breaks below 840 points, Fouda said.
Translated by: Mai Ezz El-Din
