Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the sideways trend on Thursday amid investors’ anticipation for the decision of the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) on interest rates, analysts told Mubasher.
The government's recent decisions are expected to push inflation rate to up to 5%, which would make the CBE keep interest rates unchanged at the MPC’s meeting today.
Blue-chip stocks were volatile over the latest trading sessions due to the continuous profit-taking ahead of the MPC’s meeting, head of the market committee at the African Economic Council Ayman Fouda said.
Selling pressures are expected to push the EGX toward carrying on the downward trend in the short-term, Fouda noted.
The benchmark EGX30 index has a short-term resistance at 16,336 and 16,555 points, and it has support at 16,000 and 15,780 points, he highlighted.
The small- and mid-cap index EGX70 has a short-term resistance at 803 and 816 points, and has support at 785 and 772 points, he added.
Fouda recommended investors to monitor stocks carefully, in line with activating the stop-loss points.
