Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to move sideways this week amid lack of positive data ahead of Eid Al Adha, analysts told Mubasher.
The market’s benchmark declined to 8,136 points on Thursday on average trading volume, said MubasherTrade Research.
The research agency anticipated EGX30 to keep making “lateral moves” between the marks of 8,030 points and 8,300 points during 4-8 September.
Trading range, the spread between the high and lower prices, is still recommended, the research firm added.
Sameh Gharib, head of technical research at Roots Securities Brokerage, said the main gauge is currently moving near the support mark of 7,900 points, which is the most significant scale before Eid Al Adha’s vacation.
By holding above this support mark, the index is likely to give a sideways performance between 7,900 points and 8,500 points; otherwise, the outlook for future movements will be negative, Gharib added.
The analysts expected EGX30 to extend its sideways performance this week, facing the first resistance mark at 8,300 points and then 8,500 points.
On Thursday, Cairo bourse closed on a lower note as the main index lost 0.26% or 21.6 points to close at 8,136.4 points on retail investors’ selling activity.
