Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend on Wednesday, analysts told Muasbher.
The sideways-to-declining trend is still gripping the EGX’s indices amid thin liquidity and the negative performance of blue-chip stocks, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has main resistance at 15,750 and 15,812 points, and has support at 15,550 and 15,303 points, Fouda highlighted.
As for the small- and mid-cap EGX70 index, he noted it has a short-term resistance at 758 and 767 points, while it has support at 749 and 744 points.
Moreover, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 is moving sideways in the medium- and short-term this week.
Armia advised investors to hold onto their stocks when the local stock market sees an upward trend in the medium- or short-term, in line with performing selective buying on active stocks.
He added that the EGX30 index has main support at 15,550, 15,235, and 15,100 points, and has resistance at 15,800, 16,100, and 16,425 points.
