Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a choppy trend on Monday, analysts told Mubasher.
The EGX is likely to continue seeing a sideways trend in Monday’s trading session, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 17,650 and 17,730 points, while it has support at 17,450 and 17,330 points, Fouda highlighted.
Meanwhile, the small- and medium-caps EGX70 index has a short-term resistance at 870 and 878 points, and has support at 855 and 840 points, he indicated.
Fouda recommended investors to monitor stocks near resistance levels, in line with keeping a percentage of liquidity in investment portfolios to recreate purchasing positions for each stock separately when the correction phase ends.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index would carry on its sideways trend, pointing out that the index is still moving upwardly in the medium- and long-term.
The index has resistance at 17,780, 18,000, and 18,280 points and has support at 17,530 and 17,390 points, Armia noted.
