Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the correction movement on Monday until the emergence of new positive news, analysts told Mubasher.
Ayman Fouda, head of the capital market committee at the African Economic Council, said that the benchmark EGX30 index may see an upward trend in the short and medium terms despite failing to settle above 15,000 points yesterday.
The EGX30 has resistance at 15,260 and 15,320 points and has support at 14,900 and 14,810 points, Fouda highlighted.
The small- and mid-cap EGX70 index has a short-term resistance at 726 and 733 points, while it has support at 711 and 705 points, Fouda added.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX has recently seen some sell-offs which dragged several stocks lower, while traded volume declined.
The benchmark has main support at 14,800, 14,600, and 14,500 points, Naguib noted, adding that the index is targeting 15,600 and 16,000 points.
