Cairo – Mubasher: Analysts expected the Palm Sunday attacks in Alexandria and Gharbia governorates to cast a shadow over the Egyptian Exchange’s (EGX) performance on Monday.
On Sunday, more than 40 people were killed and dozens were injured in two church attacks in Alexandria and Gharbia governorates.
Market analyst Mohamed Gab Allah stated that Monday’s performance cannot be expected, yet, he noted that the benchmark EGX30 index is likely to have a support level at 12,800 points after breaking below 12,950 points on Sunday.
The index is forecast to move sideways between 12,800 and 13,000 points for up to two weeks, Gab Allah added.
Technical analyst Ayman Fouda expected the main gauge to face resistance at 12,950 and 13,129 points, and have support at 12,745 and 12,629 points.
The small- and medium-sized enterprises index EGX70 is expected to face resistance at 592 and 597 points, while its support levels are 580 and 573 points.
