Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a sideways trend in the last trading session of 2018, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, projected that the sideways trend will weigh on the indices of the EGX in the last trading session of the year.
Trading volume is expected to maintain declining today amid the absence of foreign and Arab purchases due to the New Year Eve’s celebrations, Fouda said.
The benchmark EGX30 index is likely to hover around 13,000 points and test resistance at 13,150 and 13,223 points, he added, pointing out that it may test support at 12,850 and 12,650 points.
The EGX closed Sunday’s trading session down at 12,944.52 points, losing 39.69 points, or 0.31%, amid thin liquidity.
