Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to move sideways and to test the 8,500 zone on Monday, according to analysts.
After testing the mark of 8,480 yesterday, the main index (EGX30) edged down to 8,436 at close due to a wave of profit-taking, said MubasherTrade Research, expecting "the index will try to test this resistance one more time and it may even break above it".
The research firm recommends exploiting this upswing in partial profit taking as the index has already reached overbought areas.
Market analyst Sameh Ghareeb said the main index may hit the 8,500 area only if strong buying activity takes place today.
By holding above this zone, the index will likely target the 8,800 mark; otherwise, it will decline to the first support area at 8,300 points and then at 8,100 points, the analyst clarified.
On Sunday, the EGX30 added 0.82% or 68.3 points to reach the level of 8,436.82 points, its highest since 15 August 2016.
