Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways-to-declining trend on Tuesday.
The benchmark EGX30 index may test resistance at 13,500 points, head of technical analysis at Arab Finance Securities told Mubasher.
Sell-offs are still weak, which may accelerate purchasing power, Osama Naguib added.
The EGX30 index may break 13,400 points in the medium term and move toward 13,750 and 14,100 points, he said.
For his part, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX is expected to maintain the sideways-to-declining trend today until new market-boosting catalysts emerge and push the EGX30 higher.
The benchmark EGX30 index has a short-term resistance at 13,580 and 13,800 points, and has support to 13,223 and 13,035 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 688 and 695 points, and has support to 682 and 677 points, he added.
