Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its upward movement on Monday, with the benchmark EGX30 index likely to reach the mark of 13,300 points, a level at which the stock market will witness profit-takings, market analyst Saied Al Feqy told Mubasher.
The EGX70 index reached its highest level recently at 535 points, and is expected to face resistance at 540 points, Al Feqy said.
Technical analyst Ayman Fouda suggested that good news on the macroeconomic front reflected on the stock market’s activity on Sunday.
Fouda expected the bourse’s indices to retest Sunday’s resistance levels, noting that the EGX30 index is forecast to face resistances at 13,200 and 13,340 points, and has support at 13,020 and 12,950 points.
The main gauge rose on Sunday by 0.83% to the level of 13,092.4 points; its highest level since 26 sessions.
