Cairo – Mubasher: Stock market analysts suggested that the sideways performance is likely to extend on the Egyptian Exchange (EGX) on Thursday, noting that the benchmark EGX30 index will face resistances at 13,400 and 13,500 points if it stands above 13,340 points.
Market analyst at Mubasher International for Securities Shahd Raafat said that the blue-chip index ended the month by gaining 100 points to close at 13,339 as it managed to break above the first minor resistance of 13,290 points, driven mainly by Commercial International Bank - Egypt (CIB).
With the unprecedented turnover, the index also closed above the downtrend that started in February 2017, which will push it even higher towards 13,400 and 13,544 points, Raafat added.
Meanwhile, technical analyst Ayman Fouda said that the EGX30 index is expected to face resistances at 13,407 and 13,544 points, and has supports at 13,240 and 13,150 points.
The small- and medium-sized enterprises index EGX70 is likely to face resistances at 577 and 588 points, and has supports at 566 and 555 points, Fouda added.
The EGX30 index rose on Wednesday by 0.76% to 13,339.63 points.
