Cairo – Mubasher: Stock market analysts expected the Egyptian Exchanges (EGX) indices to perform positively on Wednesday, backed by an increase in turnover as the buying momentum by institutions and funds on blue chips continue.
Analyst Ahmed Abdel Hamid said that the benchmark EGX30 index rose on Tuesday due to the return of the buying momentum on major stocks, expecting the upward trend to continue during Wednesday’s trading.
The EGX30 index is likely to test resistances at 13,350 and 13,460 points, Abdel Hamid noted.
Meanwhile, technical analyst Ayman Fouda forecast the main gauge to face resistances at 13,344 and 13,414 points, and has support at 13,060 and 12,930 points.
The small- and medium-sized enterprises index EGX70 is expected to face resistance at 583 and 590 points, while its support levels are 573 and 565 points.
The EGX30 index rose on Tuesday by 1.56% or 103.68 points to the level of 13,264.75 points.
