Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a sideways trend this week ahead of the Coptic Christmas holiday, analysts told Mubasher.
The main indices of the EGX are expected to see a calm sideways movement in the remaining two trading sessions of this week, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 13,220 and 13,350 points, and it has support at 12,950 and 12,770 points, Fouda highlighted.
The small- and mid-cap EGX70 index has a short-term resistance at 705 and 716 points, while it has support at 688 and 675 points, he indicated.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 will move downwardly in the long-term.
Armia recommended traders to perform selective buying on active stocks and not to purchase when accumulation starts.
The EGX30 index has support at 12,675, 12,322, and 12,100 points, while it has resistance at 13,398, 13,600, and 14,005 points, he added.
