Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to move sideways on Wednesday as investors are waiting for a number of updates, including the IMF $12 billion loan and the USD exchange rate, analysts told Mubasher.
The benchmark index EGX30 is forecast to face resistance at the 7,980-8,050 zone, while having support at the 7,950 – 7,870 area, said Ayman Fouda, head of capital market committee at the African Economic Council.
MubasherTrade Research said over Tuesday's session the main index managed to rebound nearly from the minor support 8,180, which is a stop-loss level for short-term trader.
"Breaking below this level will lead to further decline towards 7,800 while holding above it clears the room for one more retest to the major resistance 8,480", the research agency added, expecting lateral moves to continue today.
Cairo bourse retreated yesterday amid selling pressures by foreign and Arab investors and the EGX30 went down 0.36% to 8,213.53 points.
