Cairo – Mubasher: The Egyptian Exchange (EGX) indices are expected to resume their downside trend through this week’s trades, technical analysts told Mubasher.
The benchmark index EGX30 is forecasted to test the support level of 5,500 points, said Mona Hassan Chief technical analysts at Mubasher Trade.
“The investors are advised not to enter the market until they receive clear buying signal”, added the analyst.
The main gauge is foreseen to test the levels of 5,800 and 5,700, where the market may see buying activity, said the Head of technical analysis at Root brokerage.
The market adopts downside trend on both the short and the medium terms, added the analyst.
EGX indices tumbled on Thursday, as the benchmark index EGX30 declined 5.6% or 347.53 points closing at 5,857.7 points, to hit its lowest level in more than three years.
