Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend on Wednesday, the last trading session of the week as Thursday, 24 January will be an official holiday on the occasion of National Police Day.
The EGX is expected to carry on the sideways trend today amid the absence of catalysts, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The benchmark EGX30 index has resistance at 13,580 and 13,622 points, and has support to 13,444 and 13,335 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 677 and 682 points, and has support to 669 and 664 points, he added.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that the EGX30 index has been moving sideways for the twelfth session in a row between 13,600 and 13,300 points.
The heavyweight Commercial International Bank (CIB) is expected to jump in today’s session, which will pave the way for the EGX30 to consequently resume the upward trend, Naguib indicated.
New market-boosting catalysts are expected to emerge in the medium-term, pushing the EGX30 to hover around 13,750 and 14,100 points, he noted.
