Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the downward trend on Wednesday, analysts told Mubasher.
The indices of the EGX is expected to open today’s trading session in red territory until new purchasing power emerges, head of capital market committee at the African Economic Council Ayman Fouda said.
The EGX30 index has support at 14,635 and 14,500 points and has resistance at 14,810 and 14,930 points, Fouda highlighted.
As for the small- and mid-cap EGX70 index, he indicated it has a short-term residence at 715 and 720 points and has support at 705 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the benchmark has fallen below the main support level of 14,800 points amid low trading volume.
The EGX30 index may carry on the bearish trend in the coming trading session and hover around 14,600 and 14,500 points if it breaks 14,800 points, Naguib added.
He noted that the stop-loss limit of the index is currently hovering around 14,350 and 14,250 points.
