Cairo – Mubasher: The Egyptian Exchange is likely to deliver a volatile performance on Wednesday, analysts told Mubasher, adding that the trading trend will be determined when the benchmark index breaks below or above 11,175 points.
Market analyst Hoda El-Menshawi said the benchmark is likely to move upwardly if holding above 11,175 points today; otherwise, the jittery performance is likely to continue within the wide price channel extending from 3,375 points to 12,046 points.
MubasherTrade Research said that yesterday's decline on average volumes compared to the previous strong figures "points to a correction against the prevailing uptrend, corrections either sideways or opposite to the primary trend"
"Assuming that this correction is going to presume downwards further decline towards 11,000 is expected," the research agency added.
EGX indices closed collectively in red zone Tuesday on selling pressures by local investors. The benchmark index EGX30 slipped 0.91% or 102.5 points to close at 11,159.3 points.
