Cairo – Mubasher: Stock market analysts expect the Egyptian Exchange (EGX) to witness a sideways-to-bullish trend on Wednesday, noting that the benchmark EGX30 is likely to test the levels of 12,500 and 12,700 points.
Market analyst at Mubasher International for Securities Shahd Raafat said that the EGX30 index closed Tuesday’s trading at the mark of 12,530 points, amid lower trading volumes.
Raafat suggested that the EGX30 will move towards the mark of 12,700 points if it breaks above the resistance of 12,550 points.
Meanwhile, technical analyst Ayman Fouda expected the narrow-range fluctuation to continue on the EGX until positive news emerge.
Fouda said that the main gauge has short-term resistances at 12,850 and 12,650 points, while its supports are 12,470 and 12,350 points.
The small- and medium-sized enterprises index EGX70 is forecasted to face resistances at 590 and 597 points, and has supports at 582 and 577 points, Fouda added.
The EGX30 rose on Tuesday by 0.78% or 96.72 points to the level of 12,530.32 points.
