Cairo – Mubasher: The Egyptian Exchange’s indices are likely to move sideways amid the government’s negotiation for a $12 billion loan from the International Monetary Fund, said analysts.
Ayman Fouda, head of capital market committee at the African Economic Council, said key indices will give a sideways performance on Tuesday.
The main index is facing resistance at the 8,000-8,050 area, while having support at the 7,900-7,840 area, Fouda added.
On Monday, the main index slightly declined end at 7,930, according to MubasherTrade Research.
“This slowdown can be used in starting new positions as long as the index holds above 7,800”, the research firm added.
Yesterday, EGX30 lost 0.66% or 53 points to close at 7,930.14 points.
