Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to start Monday’s trading session, the first session of October, in red territory, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, projected that the indices of the EGX will open today’s session in red due to the continued selling pressure.
Fouda highlighted that the benchmark EGX30 index has a short-term resistance at 14,810 and 14,900 points, and has support at 14,468 and 14,303 points.
As for the small- and mid-cap EGX70 index, he indicated it also has a short-term resistance at 720 and 733 points and has support at 700 and 695 points.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that the sell-offs recently faced by the EGX30 indicate it sees profit-taking at the main resistance level of 14,850 points.
He expected the index to carry on facing selling pressures to touch 13,700 and 13,500 points.
