Cairo – Mubasher: The Egyptian Exchange is forecasted to see sideways trend on Monday, technical analysts told Mubasher.
The Egyptian Exchange indices adopt upward –sideways trend, where the benchmark index EGX30 targets the levels of 6,130, 6,200 and 6,300 points respectively, said Ayman Fouda, head of capital market committee at the African Economic Council.
The benchmark will see support at the levels of 5,950 and 5,880 points, added Fouda.
As for the small and mid-cap index EGX70, it is expected to face resistance at the levels of 354 and 358 points, while it will gain support at the levels of 346 and 349 points.
In the same vein, Mahmoud Hossam Investors Relation Manager at MubasherTrade said, “The benchmark’s success in keeping its position above the level of 6,000, paves its way to move upward to the level of 6,300 points”.
The main gauge will mostly move higher above the level of 6,300 points.
Egypt’s bourse closed on positive note on Sunday, as the benchmark index advanced 1.07% or 63.4 points to close at 6,007.8 points.
