Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on the sideways trend on Tuesday, analysts told Mubasher.
The indices of the EGX are likely to see a sideways trend on the mid-week's trading session, branch manager at Watheeqa Securities Brokerage Ahmed Abdel Hamid said.
The benchmark EGX30 is projected to move between 17,400 and 17,700 points, Abdel Hamid added.
The EGX is likely to maintain the positive performance as long as the EGX30 is settled above 17,000 points, he noted.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the Egyptian stock market is likely to continue the sideway-to-rising trend on today’s trading session.
The EGX30 index has a short-term resistance at 17,730 and 17,850 points, and has support at 17,540 and 17,450 points, Fouda highlighted.
The small- and medium-caps EGX70 index has a short-term resistance at 878 and 885 points, and support at 860 and 855 points, he pointed out.
Fouda recommended investors to hold onto their stocks between support and resistance levels to protect earnings, in line with performing quick trades.
He advised traders to pick stocks with positive financial news that are likely to rise and to avoid buying on margin.
The EGX closed Monday’s trading session up 31.42 points, or 0.18%, to 17,620.28 points.
