Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the downward trend, in line with seeing correction movement, until new market catalysts boost the benchmark EGX30 index above 15,590 points, analysts told Mubasher.
The sideways-to-declining trend is still dominating the EGX as the EGX30 index broke support below 15,780 and 15,400 points, Ayman Fouda, head of capital market committee at the African Economic Council, said.
By breaking 15,049 points, the index could test new support levels and hover around 14,900 points, Fouda highlighted.
The EGX30 may retest 15,450 and 15,781 points if new catalysts boost liquidity in blue-chip stocks, he indicated.
Meanwhile, the small- and mid-cap EGX70 is still widening its losses as it broke 750 points to retest 742 and 736 points, Fouda added, pointing out that the index has support at 767 and 775 points.
