Cairo – Mubasher: The Egyptian Exchange is forecasted to move sideways this week amid speculation EGP devaluation, according to analysts.
The main index EGX30 is likely to make sideways movement between the mark of 8180 points and 8,500 points in case no forward step is taken towards devaluation, said market analyst Mohamed Mamdouh, advising traders to stop losses at the 8,100 area.
MubasherTrade Research said as long as the benchmark managed to break above the minor resistance 8,300, the door becomes open to test the major resistance 8,480 one more time.
"In case it couldn't break above it this time, it will call for an ease-off", the research firm added
The bourse closed Thursday on positive note o amid buying activity by Arab investors and the EGX30 went up by 1.04% or 86.1 points to close at 8,343.3 points.
