Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) are likely to see a mixed performance on Sunday amid investors’ anticipation of new positive catalysts, analysts told Mubasher.
The benchmark EGX30 index closed last week 0.09% up after seeing a mixed performance, which may pave the way for the index to touch 14,900 points, head of technical analysis at Naeem Brokerage Ibrahim El Nemr said.
He added that the EGX30 index has resistance at 15,640 points, which could be an obstacle for the index to maintain rising.
The small- and mid-cap EGX70 index has not succeeded in breaking support above 750 points, hence, it may widen losses at 710 points and move towards 675 and 680 points, El Nemr noted.
For his part, head of capital market committee at the African Economic Council Ayman Fouda forecast the EGX30 to retest resistance at 15,420 and 15,559 points.
The index may retest 14,850 and 14,600 points if it breaks main support at 15,090 points, he highlighted, adding that the EGX70 has a short-term resistance at 744 and 765 points and support at 728 and 720 points.
Fouda recommended investors to monitor stocks separately and get ready to create new purchasing positions.
