Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways-to-declining trend on Monday, analysts told Mubasher.
The EGX is expected to see a sideways trend today until blue-chip stocks resume seeing momentum, head of the capital market committee at the African Economic Council Ayman Fouda said.
Stocks have faced a slight fall yesterday, pressured by sell-off, Fouda highlighted.
The EGX30 index has a short-term resistance at 15,262 and 15,320 points, while it has support at 15,100 and 15,050 points, he added.
Moreover, the small- and mid-cap EGX70 index has resistance at 680 and 688 points, while it has support at 669 and 660 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index is still moving above the main support level of 14,600 points and below main resistance at 15,300 points.
The benchmark may retest 15,300 points if the heavyweight Commercial International Bank (CIB) settled above EGP 71.5, he noted.
He also pointed out that the index could see further gains and move towards 15,800 and 16,000 points if it breaks the main resistance level.
