Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to keep moving sideways on Sunday, lacking for positive data, analysts told Mubasher.
MubasherTrade Research said the benchmark index EGX30 ended Thursday in red for the third session in a row, accompanied by average volume, assuring that the EGX30 is going through a correction phase which may head it down to 8,200 points.
"However, we still believe this correction should be used in accumulating and buying dips", the research agency said.
Market analyst Ahmed Al Bagory noted that the third straight decline was driven by foreigners' selling pressure that reversed early gains when the benchmark ticked 8,427 points.
Presently, the EGX30 is moving upwardly in a pricing channel extending from 8,277 points to 8,475 points, said Market analyst Ahmed Al Bagory.
"By holding above 8,270 points, the main gauge is likely to shoot above 8,475 points this week in spite of the profit-taking wave that is expected to continue. The outlook also remains positive as long as the EGX30 is above 8,000 points", Al Bagory added.
Ayman Fouda, capital market analyst at the Economic African Council, clarified that the main index is facing resistance at 8,370 points and having support at 8,260 points.
