Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to remain stable in the green territory in Wednesday’s trading session.
The EGX is expected to see calm trades on Wednesday as the benchmark EGX30 index could carry on the upward trend, head of the capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The EGX30 index has a short-term resistance at 15,260 and 15,320 points and has support at 14,903 and 14,810 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index is projected to be volatile, he said, pointing out that the index has a short-term resistance at 715 and 726 points and has support 700 and 695 points.
The EGX closed Tuesday’s trading session on a mixed note above 15,100 points as the benchmark finished the session at 15,139.86 points. having gained 0.28%.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that purchasing power would maintain pushing the EGX30 index above 14,900 points.
The benchmark currently has main support at 14,800 and 14,600 points, Naguib noted, indicating that the index would enter a correction whenever the index falls below 14,100 points.
The EGX30 index is seen moving upwardly in the short-term, he said, adding that it would target 16,000 points.
