Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to resume the sideways movement on Wednesday as profit-taking continues, analysts told Mubasher.
Market analyst Saied Al Feqy said that the EGX30 index neared the mark of 12,750 points during Tuesday’s trading before closing at the level of 12,677.55 points.
Al Feqy said that the Cairo Criminal Court’s order to arrest steel tycoon Ahmed Ezz had a negative impact on trading on Tuesday, as the main gauge fell about 75 points after the court’s decision.
“The EGX30 is expected to approach the support level of 12,450 points, at which traders will start forming purchasing positions, which will drive the index to rise after the end of the correction movement and profit-takings,” the analyst said.
“The small and medium caps index EGX70 faces resistance at 500 and 525 points,” he added.
Technical analyst Ayman Fouda said that the EGX30 index is likely to face resistances at 12,760 and 12,806 points, and have support levels at 12,625 and 12,503 points.
Meanwhile, the EGX70 index faces resistances at 503 and 508 points, while having support levels at 492 and 484 points, Fouda added.
The benchmark EGX30 index rose on Tuesday by 0.43% or 54.33 points to the level of 12,677.55 points.
