Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to keep moving sideways with a bearish outlook until transactions on EGX blue-chip stocks reach a hot spot once again, analysts told Mubasher.
The main index (EGX30) is having support at the 13,090-950 zone, while facing resistance at 13,250 points first and then 13,340 points, said market analysts Ayman Fouda, explain that the current sideways performance is driven by a wave of profit-taking that is mainly triggered by quick speculations.
MubasherTrade Research noted that Sunday’s session witnessed trading volumes below average as being pressured by a selling tendency in the second half of the session.
The research agency believes that “EGX30 is moving in up trend started week ago and either breaking below this trend or the minor support 13,050 leads to further decline towards 12,600 one more time.”
On Sunday, EGX30 closed higher 0.54% or 70.5 points to 13,161.5 points.
