Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the downward trend on Sunday, analysts told Mubasher.
The EGX is expected to continue the negative performance in Sunday’s trading session, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index may see support at 12,200 and 12,039 points and retest 11,844 points, Fouda highlighted.
Fouda projected the index to rebound at 11,844 points and see a short-term resistance at 12,525 and 12,770 points.
As for the small- and mid-cap EGX70 index, he said it will continue the negative performance and see support at 658 and 650 points and test resistance at 668 and 674 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that sell-offs weighed on the EGX30 index last Thursday, pushing it to fall below 12,500 points.
The continuous decline in trading volume amid the EGX’s plunge indicates that sellers are still not fully in control, Naguib stressed.
The Egyptian bourse is still dominated by selling pressures as long as the EGX30 index is below 14,800 points, he indicated.
