Cairo-Mubasher: The Egyptian Exchange (EGX) is expected to move sideways on Wednesday amid anticipation of the Federal Reserve's decision about interest rate hike.
Mona Hassan, chief technical analyst at MubasherTrade, said EGX30 rose slightly to 6,408 points on Tuesday, and is expected to swing between its support of 6,300 and resistance of 6,650 points.
Hassan advised investors to stop losses in the short term.
Ayman Fouda, head of capital market committee at the African Economic Council, said the local bourse is impacted by investors' anticipation of the Federal Reserve's decision about interest rate hike.
Most GCC markets pared a portion of their losses on the slight rise in oil prices, Fouda said.
He expected the exchange to move sideways on Wednesday, adding that EGX30 has resistance at 6,450 and then 6,520 points and support at 6,400 and then 6,350 points.
EGX70 has resistance at 360 and then 364 points and support at 352 and then 348 points.
Translated by Abdul Maguid Aboshahla
