Cairo – Mubasher: Stock market analysts expected the Egyptian Exchange (EGX) to move sideways on Tuesday, noting that the benchmark EGX30 shall stand above the level of 13,400 points to continue the upward movement.
Market analyst at Mubasher International for Securities Shahd Raafat said that the index declined for the second consecutive session at 13,491, suggesting that the current correction wave is likely to continue towards 13,400.
Meanwhile, technical analyst Ibrahim El Nimr said that the EGX30 index that retreated below the resistance of 13,695 points, reflecting a corrective movement that may push the index to test support at 13,400 points.
The main gauge fell on Monday by 0.91% or 124.15 points to the level of 13,491.89 points.
