Cairo – Mubasher: Stock market analysts expect the Egyptian Exchange (EGX) to witness a sideways movement on Monday, as the EGX30 index is likely to move between 13,540 and 13,340 points.
Market analyst at Mubasher International for Securities Shahd Raafat said that the market's benchmark ended Sunday's session in green to close at 13,495 points gaining around 28.03 points (0.21%) accompanied by dry volumes.
Raafat suggested that the EGX30 is currently facing a key resistance zone between 13,400 and 13,544 points. If it retreats off this zone, it might test the minor support of 13,300 points one more time.
Trading is recommended as long as the index holds above 13,300 points and breaking below this level calls for profit-locking, Raafat added.
Meanwhile, technical analyst Ayman Fouda expected the benchmark EGX30 to face resistances at 13,509 and 13,544 points, and has supports at 13,407 and 13,340 points.
The small- and medium-sized enterprises index EGX70 is likely to face resistances at 594 and 597 points, and has supports at 582 and 577 points, Fouda added.
