Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways trend on Wednesday, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX is expected to maintain the sideways trend on the short- and medium-term.
The benchmark EGX30 index has a short-term resistance at 14,555 and 14,810 points, and support at 14,305 and 14,055 points, Fouda indicated.
As for the small- and mid-cap EGX70 index, he said it has a short-term resistance at 712 and 720 points, while it has support at 695 and 688 points.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that most of the blue-chips stocks closed Tuesday’s trading session up, shrugging off the continuous selling pressures.
He noted that the EGX30 index may hit record highs again at 14,800 and 14,850 points if it settled above 14,150 and 14,250 points.
Trading volume rose recently, which indicates that the index could test resistance at 15,000 and 15,100, Naguib stressed.
