Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain seeing profit-taking this week, analysts told Mubasher.
The EGX is expected to carry on the sideways-to-declining trend during the third week of March and to continue seeing profit-taking, head of the capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index may retest 15,320 points if it breaks resistance at 15,000 and 15,200 points, Fouda highlighted, pointing out that it has support at 14,810 and 14,750 points.
The small- and mid-cap EGX70 index has a short-term resistance at 705 and 715 points, while it has support at 695 and 689 points, he added.
For his part, head of client relations at Arabeya Online Michael Mamdouh Naguib said that the EGX would continue seeing a wave of profit-taking this week.
The benchmark has support at 14,931, 14,900, and 14,624 points, while it has resistance at 15,250 and 15,320 points, Naguib noted.
He expected the local bourse to see a rebound by mid-Sunday or tomorrow on the back of the positive performance of some stocks.
