Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend and extend profit-taking on Monday as the presidential election kicked off, analysts told Mubasher.
The main indices of the EGX are expected to continue seeing a wave of profit-taking until heavy liquidity boosts the stock market and slashes the downward trend, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 17,000 and 17,331 points, and has support at 16,780 and 16,650 points, Fouda highlighted.
Meanwhile, the EGX70 index has a short-term resistance at 878 and 885 points and support at 864 and 858 points, he indicated.
Fouda recommended investors to sell randomly, in line with monitoring stocks well.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index would see a sideways trend in the short term after carrying on the downward trajectory last week.
The index is likely to move upwardly in the long- and medium-term, Armia commented.
Additionally, the EGX70 index has resistance at 17,375, 17,750, and 18,000 points, while it has support at 17,000, 16,730, and 16,490 points.
