Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to extend profit-taking on Tuesday amid a foggy trading scene due to the delay of flotation, according to analysts.
Ayman Fouda, head of capital market committee at the African Economic, said profit-taking is likely to continue in the mid-week trading session until traders start focusing on blue-chip stocks that will likely push the bourse to test previous resistances.
The main index (EGX) is facing resistance at 8,315-450 area, while having support at 8,150-080 zone, the analyst added.
MubasherTrade Research said, "The market's benchmark continued declining to close at 8,243 on relatively high volume", advising traders not to step in until an evident buying power takes place.
EGX hit its lowest level since 26 June 2016 on Monday after the EGX30 lost 2.24% or 189 points to close at 8,243.3 points.
