Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on the sideways trend on Tuesday, analysts told Mubasher.
The EGX has performed weakly yesterday and the benchmark EGX30 index was impacted by the negative performance of the heavyweight Commercial International Bank’s (CIB) stock, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.
The EGX30 index may witness higher valuations if it sees resistance at 16,400 and 16,450 points today, Naguib added.
The index has support at 16,180, 16,000, and 15,781 points, he highlighted, pointing out that the index would stop loss it breaks 15,781 points.
Moreover, he noted that the index has resistance at 16,386, 16,450, and 16,571 points.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX will maintain the sideways trend on Tuesday.
The EGX30 index has a short-term resistance at 16,570 and 16,750 points, while it has support at 16,250 and 16,000 points, he indicated.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 811 and 816 points, and has support at 803 and 796 points, Fouda indicated.
