Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) are likely to see a sideways trend on Sunday, in line with the Coptic Christmas celebrations.
The benchmark EGX30 index closed Thursday’s trading session up 0.46% above 13,220 points, which will push it to break resistance at 13,400 points and move towards 13,675 points, head of technical analysis at Naeem Brokerage Ibrahim El Nemr told Mubasher.
El Nemr also recommended traders to maintain selective buying on stocks.
For his part, Ayman Fouda, head of capital market committee at the African Economic Council, projected the EGX to carry on the volatile trend today amid the relative absence of foreign institutional investors due to Christmas holidays.
The main indices of the local bourse may reach its sub-targets on the back of new purchasing power, Fouda added.
The EGX30 index has a short-term resistance at 13,350 and 13,470 points, while it has support at 13,035 and 12,950 points, he highlighted.
As for the small- and mid-cap EGX70 index, he noted it has a short-term resistance at 699 and 705 points and has support at 688 and 682 points.
Fouda advised investors to monitor stocks and get ready to build partial purchasing positions while calculating the trading risk rate and activating the stop-loss order points.
He also said that quick traders have to continue trading on active stocks while maintaining buying on margin.
