Cairo – Mubasher: The Egyptian Exchange's sideways performance is likely to continue on Thursday, analysts told Mubasher.
Market analysts at Mubasher International for Securities Shahd Raafat said the market's benchmark ended Wednesday in red zone at 8,347 points with average volumes.
Amid the exceptional performance of the housing sector which will probably continue today," the index is currently going through a correction phase, which may head it down to 8,200", Shahd added.
The analyst still believes this correction should be used in accumulating and buying dips.
In spite of the current fluctuation, the benchmark index is likely move higher as long as holding above the support mark of 8195 points, Ibrahim Al-Nimr, head of technical analysis at Naeem Holding.
In case of this scenario, the main index is to test the resistance of 8,535 points and then of 8,700 points, Al-Nimr expected.
The Egyptian Exchange closed Wednesday on negative note on as the benchmark index EGX 30 edged down 0.48%, or 40.11 points, to 8,347.38 points on institution's selling pressures.
