Cairo – Mubasher: The Egyptian Exchange is likely to extend its sideways performance on Monday amid speculations over a change in the currency exchange rate, analysts told Mubasher.
The benchmark index is facing resistance at 8,395 points and then at 8,480 points, while having support at 8,315 points and 8,260 points, said market analyst Ayman Fouda.
Market analyst Ahmed Abd Alhamid attributed the current sideways movements to investors' lookout for possible devaluation of the Egyptian pound on the short term.
MubasherTrade Research said the market's index closed at 8,357 point after falling from 8,400 points on selling activity in the second half of the session.
The research firm expects further decline to take place today, advising traders "to ease off as long as the index hovers below 8,480."
