Cairo – Mubasher: Profit-taking on the Egyptian Exchange (EGX) is likely to continue on Tuesday, analysts said, describing this downturn as a healthy movement that is to push the bourse forward on the short-term.
The main index ended Monday's session in red at 8,246 points on average volume, according to MubasherTrade Research's technical note.
By breaking below the minor support mark, the short-term outlook would be bearish as further decline to 8,200 is expected.
However, these healthy corrections should be used in accumulation as long as the index holds above 7,993 points on the mid-term, the note indicated.
Market analyst Ahmed Albagory also noticed that EGX30 sharply declined yesterday on a broad-based selling wave.
In spite of the expected further declines to 8,100 points, theses corrections do not change the positive outlook as long as the main index holds above 8,000 points, he added.
The EGX30 went down 1.26% or 105.37 points, to 8,246.9 points yesterday.
