Cairo – Mubasher: The Egyptian Exchange’s (EGX) indices are expected to continue rising during the mid-week session, settling above the level of 13,000 points, amid the anticipation of liquidity levels, analysts told Mubasher.
The benchmark EGX30 index is expected to test the level of 13,260 points, the analysts said.
The chairman of the Capital Market Committee at the African Economic Community (AEC), Ayman Fouda, said that the EGX’s indices will resume trading in the green zone on Tuesday, bolstered by the consecutive purchasing power by institutions.
The benchmark EGX30 index is expected to experience the level of 13,260 to 13,330 points, Fouda added, noting that support will be at 13,050 points, then 13,000 points.
The EGX70 index may fail to settle above 680 points by the end of the trading session due to the continuous profit-taking by individuals, and the index short-term resistance will be seen at the level of 695 to 707 points, while support will be seen between 667 and 673 points, he continued.
He recommended keeping profit-taking on stocks that reach the highest level of resistance to protect profits, as well as being patient during quick trades.
Shahd Raafat, a technical analyst at MubasherTrade, said that the benchmark EGX30 index closed Monday’s trading session above the support level of 13,000 points, indicating that the lower traded volume reflects the fear of purchasing powers.
