Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways-to-declining performance on Thursday ahead of the Central Bank of Egypt's (CBE) Monetary Policy Committee's (MPC) decisions.
The EGX closed Wednesday’s trading session in the red, pressured by Egyptian retail trades, amid the anticipation of the MPC's last meeting in 2017, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The sideways-to-declining trend is likely to continue on Thursday as the benchmark EGX30 index is expected to retest resistance at 14,970 points and move towards 15,000 points, Fouda forecast, adding that the index has support at 14,830 and 14,770 points.
The EGX70 index has a short-term resistance at 833 and 840 points, while it has support at 815 and 809 points, he noted.
Fouda recommended investors not to start new positions in the meantime.
Moreover, Michael Armia, head of technical analysis department at Arabeya Online, said that the EGX30 index is still moving upward hitting new significant records by the end of the year in spite of low trades.
The main index has resistance at 14,927 points and may test 15,330 points if it breaks above 15,100 points, while it has support at 14,800 and 14,680 points, Armia added.
The EGX70 index is still continuing the upward trend towards 885 points, despite falling at Wednesday's closing, Armia noted.
