Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain seeing correction on Wednesday, analysts told Mubasher.
The benchmark EGX30 index may test 14,800 points as it has significant resistance at 14,600 points, economist and market expert Safaa Fares said.
The EGX30 index is targeting support at 14,100 points as it has support at 14,380 points, Fares added, pointing out that purchasing power by Egyptian and foreign institutions would push the index to break resistance.
The EGX70 index has resistance at 788 and 800 points, while it has support at 774 and 767 points, she highlighted.
Moreover, market analyst Ayman Fouda said that the EGX30 index has maintained correction during Tuesday’s session, pressured by foreign selling for the third consecutive session.
Local and Arab institutions tended to selective buying at the end of yesterday’s trading, he noted, adding that the EGX30 index has failed to keep its gains.
The EGX30 index may retest the levels of 14,400 and 14,222 points if it broke support below 14,538 points, while resistance will remain stable at 14,652 and 14,726 points, he explained.
The EGX70 index has resistance at 805 and 795 points, while it has support at 773 and 765 points, he added.
The analyst recommended quick traders to trade on active stocks, along with buying on margin.
