Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to end the correction movement on Thursday, analysts told Mubasher.
The correction trend is still impacting the performance of the EGX’s main indices, which closed Wednesday’s trading session near-stable, head of capital market committee at the African Economic Council Ayman Fouda said.
Corrections are likely to end as sell-offs diminished, therefore, the indices will retest new resistance levels, he indicated.
The benchmark EGX30 index has a short-term resistance at 16,750 and 16,900 points, and has support at 16,525 and 16,400 points, Fouda highlighted.
Meanwhile, the small- and mid-cap index EGX70 has a short-term resistance at 870 and 885 points, and support at 855 and 840 points, he added.
Fouda recommended investors to observe stocks carefully and get ready to create new purchasing powers on new market-boosting catalysts after the correction movement ends.
The EGX closed Wednesday’s in green territory on the back of Arab buying as the EGX30 inched up 0.03% to 16,662.55 points.
