Cairo – Mubasher: The Egyptian Exchange is likely to test the mark of 7,360 on the short term, as the main gauge, or EGX30, failed to break the resistance barrier of 7,600, said analysts.
Ibrahim El-Nimr, head of technical analysis at Naeem Securities Brokerage, said yesterday’s purchase powers were insufficient to push the index above 7,610 points. He anticipated EGX30 to test the level of 7,360 on the short term.
Moreover, the small and mid-cap index EGX70 may move up near 385 points if succeeding to break the current barrier of 360 points, El Nimr added.
Mona Hassan, chief technical analyst at MubasherTrade, described yesterday’s losses as a “slight” decline, expecting EGX30 to keep moving sideways between 7,370 – 7,570 points.
The benchmark closed Sunday’s trading session lower by 0.90% to 7,480.11 points.
