Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to open the last trading session of November in red territory until the emergence of purchasing power, analysts told Mubasher.
The EGX may fall slightly on Thursday amid sellers protecting their short-term earnings, head of capital market committee at the African Economic Council Ayman Fouda said.
The Egyptian bourse is likely to carry on the bearish trend until liquidity in blue-chip stocks recover gradually and push the main indices toward near resistance levels, Fouda added.
The benchmark EX30 index has a short-term resistance at 13,397 and 13,405 points, and has support at 13,205 and 13,050 points, he highlighted.
He pointed out that the index may retest 13,550 points if it breaks main resistance.
As for the small- and mid-cap EGX70 index, Fouda indicated it has a short-term resistance at 688 and 695 points, while it has support at 677 and 670 points.
