Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a sideways trend on Thursday, the first trading session of May, analysts told Mubasher.
The EGX is expected to see a sideways trend today after surpassing 14,470 to 15,240 points last month, head of the capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index may remain stable above the levels of 14,920 to 14,950 points and test resistance at 15,025 points, while it has support at 14,880 and 14,735 points, Fouda highlighted.
Moreover, the small- and mid-cap EGX70 index has resistance at 655 and 658 points, while it has support at 640 points, he added, pointing out that the index may retest main support at 620 points if it breaks 620 points.
For his part, branch manager of Osool ESB Securities Brokerage Saeed El Feki said that the EGX30 index could break 14,900 points on Thursday following the recent holidays.
The heavy-weight Commercial International Bank (CIB) is nearing EGP 77 and has pushed up the benchmark by around 130 points last month, El Feki indicated.
By the beginning of trading sessions in May, liquidity is expected to be re-pumped into the EGX, which will enable the bourse to break main resistance at 15,200 points, he noted.
