Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to target the mark of 8,000 points in the mid-week trading sessions, according to analysts.
The benchmark index EGX30 is expected to move sideways on Tuesday, targeting the 7,900-8,000 area, which was earlier the beginning of further gains, said market analyst Ahmed Al-Bagory.
The index will maintain its upward note on the short-term as long as holding above 7,900 points, the analyst added.
Yesterday, the EGX30 closed at 8,032 points on average trading volume, according to MubasherTrade Research that assured the main index formed a reversal candlestick pattern known as "inverted hammer".
"The market's benchmark is currently facing a key support level 7,993; breaking below this level is a "stop- loss" trigger", the research agency said.
Hesham Hassan, head of technical analysis at Acumen Securities, attributed this weak performance to lack of positive data, slump trading activity, and lower trading values over the past sessions.
Hassan indicated that the main index is technically weak on the short run amid concerns over breaking below 8,000 points.
