Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to rise on Monday as the correction movement ended, but the market’s turnover is still affected by the confusion over the stamp duty tax, market analyst Saied Al Feqy told Mubasher.
Al Feqy said that the correction movement ended after the index neared the level of 12,400 in Sunday’s mid-trading, but the uncertainty about the stamp duty tax dragged the index near 12,300 points by the end of the session.
The analyst suggested that 12,000 points is a strong support level that cannot be broken.
Trading level returned to its level before the flotation of the Egyptian pound as turnover amounted to EGP 500 million, said Hesham Hassan, head of technical analysis at Acumen for Securities.
The EGX30 index is moving above a support level of 12,250 points and below a resistance level of 12,850 points, while the EGX70 index has a support level of 470 points and a resistance of 495 points.
Meanwhile, technical analyst Ayman Fouda said that the EGX30 faces short-term resistances at 12,340 points and 12,410 points, while the support levels are 12,200 points and 12,150 points.
The EGX30 index rose on Sunday by 0.24% or 39.35 points to the level of 12,269.88 points.
