Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a sideways movement and profit-takings on Monday, analysts told Mubasher.
Technical analyst Ayman Fouda said that the bourse performed positively on Sunday and saw the emergence of a selective buying power by Arab and foreign institutions, while Egyptian investors tended to profit-takings.
Fouda forecast the volatile sideways performance to continue on Monday as the benchmark EGX30 is expected to stand above 12,953 points, with targeted resistances at 13,060 and 13,140 points, and support levels at 12,888 and 12,790 points.
Market analyst Saied Al Feqy expected the selling pressures to continue until mid-week due to potential profit-takings, noting that the market is awaiting positive news to drive it to new levels.
