Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the downward trend on Thursday, analysts told Mubasher.
The indices of the EGX is expected to maintain negative performance and test support near 14,500 and 14,380 points, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has resistance at 14,810 and 15,260 points, Fouda added.
As for the small- and mid-cap EGX70 index could retest 715 and 726 if it breaks support at 705 points, he said, pointing out that the index has support at 705 and 688 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the benchmark broke main support level of 14,800 points and is hovering round 14,600 points.
The EGX30 index may carry on the bearish trend in the coming trading session and test 14,350, 14,250, and 14,000 points, Naguib added.
He noted that the stop-loss limit of the index is currently hovering around 14,120 and 14,100 points.
