Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to continue the sideways trend on Monday, analysts told Mubasher.
The sideways trend still dominates the EGX’s trading, but the stock market may see a short-term bull trend if the benchmark EGX30 settles above 16,400 points, head of capital market committee at the African Economic Council Ayman Fouda said.
The EGX30 index is targeting 16,650 and 16,750 points, while it has support at 16,336 and 16,260 points, he added.
The small- and mid-cap EGX70 index has a short-term resistance at 816 and 826 points, while it has support at 803 and 796 points, he indicated.
Fouda recommended investors to hold onto their stocks and get ready to create new purchasing positions, in line with collecting profits partially near sub-resistance levels.
