By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways-to-declining trend over the coming period amid global stock markets plunge, analysts told Mubasher.
Most of the blue-chip stocks rebounded slightly on Wednesday’s trading session, pushing the indices to trim losses and close the session in green territory on the back of selective buying, head of the capital market committee at the African Economic Council Ayman Fouda said.
The indices of the Egyptian bourse closed yesterday’s trading session in green territory on the back of foreign buying. The benchmark EGX30 index changed its downward trend to finish the session at 13,621.23 points, adding 32.49 points, or 0.24%.
The EGX30 is still seeing resistance at 13,800 and 14,100 points, Fouda indicated, pointing out that the index may extend losses if it breaks support at 13,555 points.
As for the small- and mid-cap EGX70 index, he said it has a short-term resistance at 696 and 712 points and has support at 688 and 676 points.
The US stocks closed yesterday’s session in red as Dow Jones lost 800 points.
