Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend on Thursday, analysts told Mubasher.
Osama Naguib, head of technical analysis at Arab Finance Securities, projected that the benchmark EGX30 index will continue facing new selling pressures.
Sell-offs will grip the EGX30 index as long as it is moving below 16,100 points, Naguib said.
The index is likely to test main support at 15,100 and 15,000 points, he indicated, recommending setting it as a short-term stop-loss level.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is likely to be volatile at the last session of the week until it sees new market-boosting catalysts backed by positive news that will push investors to re-pump liquidity in blue chips.
The EGX30 index has a short-term resistance at 15,750 and 15,550 points, and has support at 15,300 and 15,070 points, Fouda highlighted.
As for the small- and mid-cap EGX70 index, he noted it has a short-term resistance at 755 and 763 points, while it has support at 744 and 740 points.
