Cairo – Mubasher: The Egyptian Exchange is likely to move sideways between 11,000 points and 11,650 points on Thursday, analysts told Mubasher.
MubasherTrade Research said, "The index [was] supported by the blue chips to close at 11,453 [on] medium volume. Lateral moves between 11,000 and 11,650 are likely to proceed."
Market Analyst Ayman Fouda expected the bourse to see healthy corrections to cushion profits and be refreshed by new liquidity.
The main index is likely to face resistance at the 11,500-690 zone while having support at the 11,350-222 area, the analyst concluded.
Cairo bourse had delivered in November the strongest performance since January 2005 thanks to the free flotation of Egyptian pound against US dollar as well as a bunch of investment decisions.
The benchmark index recorded the highest performance in 142 months after leaping 3067 points or 36.58% to finish the month at 11,453 points compared with a closing mark of 8,386 points a month earlier
