Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain seeing a wave of profit-taking in the second week of 2018 after the Coptic Christmas holiday.
The benchmark EGX30 index may retest resistance at significant levels as new liquidity is expected to push stocks and indices to remarkable levels, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The main indices of the EGX are likely to marginally decline on Monday until liquidity pushes the EGX30 to test resistance at 14,930 and 15,080 points and support at 14,700 and 14,650 points.
The small- and medium-caps EGX70 index has a short-term resistance at 840 and 850 points, while it has support at 818 and 815 points.
Fouda recommended investors to trade quickly on active stocks, in line with keeping portfolios’ liquidity to resume creating new purchasing positions.
