Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend on Tuesday, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, projected the indices of the EGX to carry on the sideways trend until Eastern Co completes the offering of an additional stake on the bourse.
The benchmark EGX30 index has a short-term resistance at 14,930, 15,260, and 15,321 points and has support at 14,750 and 14,481 points, Fouda highlighted.
The small- and mid-cap EGX70 index may test 720 and 726 points if it breaks 715 points, he indicated, adding that the index has support at 705 points.
He points out that the EGX70 index could retest 695 and 688 points if it breaks 705 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index is expected to see a temporal upward trend and to hover around 15,150 and 15,200 points.
The index may continue falling between 14,600 and 14,500 points if it breaks support level of 14,800 points, Naguib noted.
