Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to perform positively in Wednesday’s trading session, analysts told Mubasher.
The recent global events, mainly the US-China trade tensions, have negatively impacted the EGX’s performance over the past period, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.
The EGX is expected to maintain the positive trend if the benchmark EGX30 index breaks above 16,100 points, El-Naggar projected.
The Egyptian bourse will resume the bull run again on the back of any positive economic news, once the negative global news ends, he indicated.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that blue-chip stocks have pushed the main indices of the local stock market to remain stable in green territory over the last trading session near sub-support levels.
The EGX30 index has resistance at 16,100 and 16,336 points, while it has support at 15,780, he highlighted, pointing out that the index could test 15,450 points by breaking main support level.
Meanwhile, the small- and mid-cap EGX70 index has resistance at 803 and 811 points, and support at 770 and 765 points, Fouda added.
