Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to keep moving sideways on Monday amid lack of positive data, according to analysts.
The main index EGX30 slightly rose on Sunday, closing at 8,352 points on "below-average volume", according to a report by MubasherTrade Research.
The research agency expected fluctuations and lateral moves to continue as "the index is about to test the minor resistance 8,500 one more time."
By breaking below the minor support of 8,280 points, it is likely to run bearish on the short-term, the research firm added.
Market analyst Hesham Hassan attributed the current jittery performance to the absence of stimuli, along with investors' cautious sentiments. He further clarified that the trading activity over the previous sessions were backed by the International Monetary Fund's staff-level agreement.
"Profit-taking is forecast to continue on the short-term, but the stocks will likely rebound on any signs of positive data", the analyst indicated.
In case the main index fails to hold above 8,373 points, it is likely to run in a downward channel extending from 7,836 points to 8,453 points, market analyst at EGS Brokers Hoda El Menshawy concluded.
