Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on its correction on Monday’s trading session until the benchmark EGX30 index settles above 16,750 points, analysts told Mubasher.
The EGX30 has a short-term resistance at 16,677 and 16,750 points, and has support at 16,556 and 16,470 points, head of capital market committee at the African Economic Council Ayman Fouda said.
Meanwhile, the small- and mid-cap index EGX70 has a short-term resistance at 860 and 870 points, and support at 844 and 840 points, he added.
Fouda recommended investors to hold onto their stocks while conducting quick trades, in line with creating new purchasing positions at operative active stocks, until liquidity ratios improve.
For his part, analyst Michael Mamdouh Naguib said that the EGX30 is still moving in a downward direction in the short term.
The main EGX’s main index is projected to be volatile in the medium term and to rise in the long term, he indicated.
The EGX30 has resistance at 17,000, 17,360, and 17,518 points, and has support at 16,525, 16,440, and 16,000 points, Naguib highlighted.
He further noted that the EGX70 is still seeing correction and is targeting the level of 830 points.
