Cairo – Mubasher: The Egyptian Exchange is forecast to edge lower during the mid-week trading session, analysts told Mubasher, adding that the benchmark index EGX30 is likely to move between the 12,039 support area and the resistance of 12,534 points.
Price differentials are likely to lead EGX indices lower over the first half of the trading session, said Ayman Fouda, head of capital market committee at the African Economic Council, expecting a comeback of buying hands in the second half of Tuesday’s session.
The main index is facing resistance at the 12,405-534 area, while having support at the 12,170-039 zone, the analyst added, indicating the resistance area could range between 12,770 and 13,000 points if the buying momentum grows stronger.
Market analyst Mohamed Abd Al-Hakim assured that the buying hands currently trading in the stock mark can absorb profit-taking’s present effects. After this wave ends, the bourse is anticipate to jump to the 14,000 zone.
