Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend on Monday, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, projected the EGX to continue the sideways trend in today’s trading session.
The benchmark EGX30 index has a short-term resistance at 13,500 and 13,581 points, and has support to 13,400 and 13,335 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 682 and 688 points, and has support to 669 and 664 points, he added.
The EGX30 index is moving sideways for the eighth trading session in a row between 13,565 and 13,300 points, head of technical analysis at Arab Finance Securities Osama Naguib told Mubasher.
Trading volume is volatile which indicates the balance between selling and purchasing powers over the past period, Naguib noted.
The local bourse may see new positive catalysts that push the indices towards 13,400 points and hover around 13,750 and 14,100 points, he added.
