By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain seeing a wave of profit-taking in the last week of March, in line with the local presidential election, analysts told Mubasher.
The EGX is likely to see a bearish trend on Sunday, the first day of March’s last week, at 16,700 points, branch manager at Mubasher Financial Services (MFS) Safwat Abdel Naeem forecast.
The local stock market may rebound by the end of this week to 17,300 points, Abdel Naeem highlighted.
Moreover, the stocks of the small- and medium-caps EGX70 index may create new buying positions, in line with the extending profit-taking of the EGX30 index, he projected.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index would see a sideways trend in the short term after carrying on the downward trajectory last week.
The index is likely to move upwardly in the long- and medium-term, Armia commented.
Additionally, the EGX70 index has resistance at 17,375, 17,750, and 18,000 points, while it has support at 17,000, 16,730, and 16,490 points.
Translated by: Mai Ezz El-Din
