Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see sideways performance during the last trading session of September, analysts told Mubasher.
Market analyst at Mubasher International for Securities Shahd Raafat said the benchmark EGX30 index ended Wednesday’s session in green to close at 13,740 points on above-average volume.
“The EGX30 index could not break above its recent resistance 13,780 points and in case this level stopped the index from further advancing, then we recommend off loads,” Raafat highlighted, pointing out that “the level of 13,600 points is a trailing stop-loss level in the short term.”
Meanwhile, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX is expected to carry on the sideways-to-declining performance in September’s last trading session.
The EGX30 index has short-term resistance at 13,780 and 13,972 points, while it has support at 13,670 and 13,609 points, Fouda added.
The EGX70 index is forecasted to retest resistance at 770 and 780 points in case of the entry of new liquidity on active stocks, while it may see support at 755 and 749 points, he continued.
The analyst recommended quick trading to protect profits on stocks, which hover around its main resistance levels, noting that quick trader should be patient while trading on stocks, in line with buying on margin.
