By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the sideways trend on Thursday, analysts told Mubasher.
The benchmark EGX30 index is likely to continue the downward trend to 14,800 points if it breaks support at 15,150 points, head of Training Department at Pioneers holding said.
The index may create purchasing positions to move upwardly towards 16,000 points on the back of the upcoming positive news such as Enppi’s initial public offering (IPO) and applying short-selling, he added.
Moreover, Ayman Fouda, head of capital market committee at the African Economic Council, expected the EGX to see calm trades on the last session of this week.
The main indices of the EGX are projected to continue the sideways trend and blue chips may see selective purchasing power, Fouda highlighted.
The EGX30 index has a short-term resistance at 15,330 and 15,330 points, while it has support at 14,930 and 14,880 points, he continued.
The EGX70 index may see a wave of profit-taking to retest resistance at 875 and 885 points, while it has support at 855 and 836 points, he noted.
Translated by: Mai Ezz El-Din
