Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to resume the positive trend on Tuesday, analysts told Mubasher.
The main indices of the EGX are likely to move upwardly during today’s trading session on the back of new purchasing power, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 13,175 and 13,260 points, and has support at 12,991 and 12,960 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 680 and 688 points and has support at 670 and 666 points, he added.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index may hover around 13,400 and 13,700 points on the back of the continuous purchasing power.
Naguib recommended investors to benefit from lower prices or cautiously trade quickly on stocks at support levels to stop loss.
The EGX30 index has main support at 13,174 points, pointing out that it is still targeting 12,850 and 12,600 points, he noted.
