Cairo – Mubasher: It is likely that the Egyptian Exchange’s (EGX) benchmark index will continue its sideways-to-rise performance on Tuesday if it does not break the level of 7,630 points, said Hoda El-Menshawy, head of research and analysis at EGS Brokers.
She added that the index is at a sensitive point, which should not be broken in order to maintain its performance.
The benchmark index reversed its upward performance seen early Monday, and ended down 0.07% or 5.41 points to close at 7,645.21 points, amid pressure from decline blue chips.
Meanwhile, Mubasher International for Securities analyst Shahd Raafat, commented that the EGX30 retreated slightly on Monday to close at 7,645 points with moderate volume.
It failed to hold above 7,700 points, while “partial profit-taking is recommended as the index is about to retreat even further towards the minor support 7,560 points,” the analyst added.
It is expected that the main index will continue its sideways-to-rise performance and retest the levels of 7,680 and 7,700 points, respectively, with support to be seen at 7,600 points on Tuesday, commented Ayman Fouda, head of capital market committee at the African Economic Council.
