By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EX) is expected to see an upward trend on Tuesday amid positive catalysts such as short selling.
On Monday, the Financial Regulatory Authority (FRA) has approved the proposal of the capital market’s consulting committee to activate the borrowing mechanism of securities for selling.
The EGX is likely to see a positive performance on Tuesday after seeing a rebound yesterday, Michael Mamdouh Naguib said.
The benchmark EGX is expected to retest 16,000 and 17,000 points today, he highlighted.
The index has support at 16,570 and 16,500 points, he indicated, adding that the correction movement t has not ended yet.
The EGX30 is projected to move in an upward direction this week, which will set the stock market’s trend over the coming period, he noted.
Translated by: Mai Ezz El-Din
