Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the positive trend on Wednesday, analysts told Mubasher.
The benchmark EGX30 index is expected to test resistance at 15,320 points, while it has support at 14,750 points and 14,470, head of the capital market committee at the African Economic Council Ayman Fouda highlighted.
Moreover, the small- and mid-cap EGX70 index has short-term resistance at 688 and 695 points, while it has support at 680 and 669 points, he indicated.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the Egyptian bourse would resume the upward trend backed by a limited number of blue-chip stocks for the second trading session in a row.
The EGX30 index is still moving sideways above the main support level of 14,600 points and below main resistance at 15,300 points, Naguib added.
The benchmark may retest 15,200 and 15,300 points if the heavyweight Commercial International Bank (CIB) settled above EGP 71.5, he noted.
