Cairo – Mubasher: The Egyptian Exchange is expected to keep moving sideways in Monday’s trading session, analysts said.
The benchmark closed Sunday’s trading session lower by 0.05% to 7,521 points.
Ayman Fouda, head of capital market committee at the African Economic Council, anticipated EGX30 to maintain the fluctuating sideways trend on Monday, till any bumping updates that may encourage purchasing power to push the bourse forward to higher resistance levels.
He added that the main index is presently facing resistance at 7575-7630 points, while having support at the marks ranging between 7360 and 7420.
EGX30 pullback yesterday was ascribed to the sale of institutions that slightly dragged the index lower in spite of individual purchases, said Khaled Nagah, head of trading at Mega Investment.
However, the equity market is giving a positive performance, namely King Salman is to visit Egypt on April 4, Nagah clarified. He expected EGX30 to initiate the session lower, but to end the trading day on a steady note.
