Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to witness a sideways movement on Thursday as profit-takings end, analysts told Mubasher.
Technical analyst Ayman Fouda suggested that the benchmark bourse’s blue chips are expected to see accumulation.
Fouda noted that the benchmark EGX30 index is facing resistances at 12,950 and 13,130 points, and has support at 12,745 and 13,100 points.
The small- and medium-sized enterprises EGX70 index is forecast to face short-term resistance levels at 557 and 563 points, while its support levels are 550 and 545 points.
Market analyst Shah Raafat expected the main gauge to move sideways between 12,700 and 13,000 points after the weak performance witnessed by the index during the week.
The EGX30 index dropped on Wednesday by 0.20% to the level of 12,879.06 points, while the EGX70 index grew 1.27% to 554.64 points.
