Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the negative performance on Tuesday, analysts told Mubasher.
The benchmark EGX30 index is expected to continue the downward trend and target support at 12,770 and 12,600 points, head of capital market committee at the African Economic Council Ayman Fouda said.
The EGX30 index may rise on the back of positive news that pushes it to retest sub-resistance at 13,000 and 13,049 points, Fouda added, pointing out it could target 13,260 points if it breaks these levels.
He also indicated that the small- and mid-cap EGX70 index is moving downwardly and has main support at 669 and 660 points, while it has main resistance at 677 and 688 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that sell-offs weighed on the EGX30 index and dragged it down below 12,950 points.
The index is likely to hover around 12,600 and 12,500 points if it closes the session below the aforementioned level, Naguib added, noting it has resistance at 13,350 and 13,400 points.
