Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways trend on Monday, analysts told Mubasher.
The EGX would maintain the volatile trend today until the emergence of new purchasing powers that push the market up, head of the capital market committee at the African Economic Council Ayman Fouda expected.
The benchmark EGX30 index has short-term resistance at 14,930 and 15,076 points, and has support at 14,750 and 14,603 points, Fouda highlighted.
Moreover, the small- and mid-cap EGX70 index has short-term resistance at 695 and 700 points, while it has support at 680 and 676 points, he indicated.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index would see further purchases after recently hovering around the main support level of 14,600 points.
Trading volume is less than average, which is a negative sign indicating that the Egyptian bourse would not carry on the upward trend, Naguib added.
On the other hand, most stocks saw several sell-off the analyst noted, adding that purchasing powers are expected to emerge to push the benchmark up.
