Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) may swing back to the upward trend on the back of a new collective buying power, analysts told Mubasher.
The main indices are likely to open Wednesday’s trading session in red territory until a new collective purchasing power pushes stocks higher to test near resistance levels, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has resistance at 14,930 and 15,076 points, while it has support at 14,650 and 14,468 points, Fouda highlighted.
The small- and medium-cap EGX70 index has a short-term resistance at 855 and 872 points, and has support at 836 and 820 points, he added.
He recommended investors to monitor stocks and perform quick trades to benefit from stocks’ volatile trend, in line with holding a sufficient liquidity in investment portfolios to recreate purchasing positions on stocks witnessing strong collective buying power.
