Cairo – Mubasher: Profit-taking hit Cairo bourse over the past sessions is likely to come to an end, analysts told Mubasher, adding that the main index EGX30 is likely to rebound on Monday.
Hesham Hassan, head of technical analysis at Acumen for Securities said, "The benchmark index is likely to move above the support mark of 12,400 points and below the resistance level of 12,950 points".
EGX indices are still delivering a volatile performance on the short-term, the analyst added, clarifying that foreign appetite for buying is partially curbed until a clear rebound occurs once again.
MubasherTrade Research said, "The index declined sharply, reaching 12,629 before paring its losses to close at 12,722."
"We saw a good sign indicating that the current correction wave is coming to an end, and the index is currently expected to rebound towards 12,980", the research agency added.
