Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to see a sideways performance on Thursday amid continued partial profit-taking, analysts have said.
The benchmark EGX30 index of Egypt's bourse was unable to hold at the resistance level of 16,450 points on Wednesday, noted Michael Mamdouh Naguib, head of client relations at Arabeya Online, citing minor and "unworrying" profit-taking.
The analyst forecast that the index would hold above first support at 16,250 or above 16,140. If the index breaks above these two support levels, it is likely to retest the resistance at 16,450 points.
The EGX closed Wednesday lower on the back of selling pressures by Arab and foreign investors. The EGX30 index shed 0.68% or 111.67 points and closed at 16,309 points.
Meanwhile, Ayman Fouda, head of the capital markets committee at the African Economic Council, forecast an extended sideways-to-declining performance for the week's final session.
The EGX30 index will have short-term resistance at 16,570 then 16,750, while support would be seen at 16,250 then 16,100 points.
