Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to resume sideways performance on Thursday, amid a significant decrease in trading volume, technical analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, expected the bourse’s sideways trend to continue in today’s session between resistance levels of 8,200 points, 8,260 points and 8,330 points, and support levels of 8,100 points and 8,030 points.
Fouda suggested that small and medium-sized stocks’ support levels will be 355 points and 353 points, while there resistances will be 359 points and 361 points.
Similarly, Ahmed Abdel Hamid, managing director at Watheeqa Securities Brokerage, sees that EGX is likely to maintain Wednesday’s performance due to the Eid al-Adha holiday.
EGX 30 ended Wednesday’s session falling by 068% or 55.45 points to the level of 8,132.75 points.
Abdel Hamid said that EGX 30 is swinging between 8,200 points and 8,100 points amid week trading activity.
Mohamed Ismaiel, technical analyst at Golden Hand Securities, said that EGX 30 is now targeting the resistance level of 8,315 points and the support level of 8,000 points.
Translated by: Elwy el-Manzalawy
