Cairo – Mubasher: Technical analysts forecasts ‘mixed’ for the performance of the Egyptian Exchange in respect to the upcoming period, amid continuous selling pressures.
The benchmark index EGX30 is likely to continue adopting downside trend on the short run, said Ayman Fouda, head of capital market committee at the African Economic Council.
The main gauge will see support at the levels of 5,715 and 5,640 points, while it will face resistance at the levels of 5,900 and 5,800 points.
As for the small and mid-caps index EGX70, Fouda pointed out that it will see accumulating sideways-trend, where it will gain support at the levels of 347 and 347points, and face resistance at the levels of 354 and 358 points.
“The benchmark is expected to rebound starting of Monday’s trading session, where it may test the level of 5,900 points,” said Walid Hilal, portfolios Manager at Mokattam brokerage.
Egypt’s bourse indices showed varied performance on Sunday, as the benchmark index EGX30 lost 1.03% or 59.98 points.
The market capitalization shed EGP 1.2 billion ($153.2 million) reaching EGP 384.7 billion.
