Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to rise on Tuesday, backed by the purchase momentum that emerged after approving the New Investment Law, technical analyst Ayman Fouda told Mubasher.
Fouda said that the indices managed to test new resistances amid trader’s optimism in the stock market after the adoption of the New Investment Law and the finance ministry’s announcement about plans to issue a new Eurobond.
The analyst expected the EGX30 index to face resistances at 12,842 and 12,950 points, while the support levels are likely to be 12,745 and 12,670 points.
The small- and medium-sized enterprises index EGX70 is forecast to face resistances at 601 and 604 points, and has supports at 592 and 588 points, Fouda added.
The main index rose on Monday by 1.07% or 136 points to the level of 12,827.9 points.
