Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to extend its sideways performance on Thursday, with the main index likely to swing between 12,700 and 12,500 points, analysts told Mubasher.
Market analyst at Mubasher International for Securities Shahd Raafat said that the benchmark EGX30 index closed Wednesday’s trading at the level of 12,671 points, amid higher-than-average trading volumes.
Raafat expected the EGX30 to face resistances at 12,700 and 12,850 points, noting that the index may break below the support level of 12,545 points if it could not stand above these resistances.
Meanwhile, technical analyst Ayman Fouda suggested that the EGX30 index is likely to test resistances at 12,710 and 12,745 points, then 12,840 and 12,950 points, while its supports are likely to be 12,629 and 12,580 points.
The small- and medium-sized enterprises index EGX70 is forecast to face resistances at 593 and 597 points, while its support levels are expected to be 582 and 577 points, Fouda added.
The main gauge rose on Wednesday by 0.70% or 88 points to the level of 12,671.29 points.
