Cairo – Mubasher: Stock market analysts expected the Egyptian Exchange (EGX) to move sideways on Wednesday, noting that the benchmark EGX30 will face resistance at 13,300 points.
Market analyst at Mubasher International for Securities Shahd Raafat said the EGX30 rose slightly on Tuesday, closing at 13,239 points on above average volume after it reached 13,165 points.
Raafat suggested that the buying power is still not very strong, as the index is facing a series of resistances and a downtrend line from the upper side and from the downside, noting that the nearest support now is 13,100 and 13,050 points.
Meanwhile, technical analyst Ayman Fouda said that the main index is likely to face resistances at 13,298 and 13,340 points, and has supports at 13,170 and 13,090 points.
The small- and medium-sized enterprises index EGX70 is expected to face resistances at 582 and 588 points, and has supports at 570 and 564 points, Fouda added.
The EGX30 index rose on Tuesday by 0.24% or 31.22 points to the level of 13,239.16 points.
