Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to move sideways with an upward bias on Tuesday as the index is targeting resistance levels at 12,800 points and 13,000 points, analysts told Mubasher.
Market analyst Mona Moustafa suggested that the sideways trend will continue in the stock market in an attempt to break through near resistances, but some stocks still do not have enough momentum to do that, expecting profit-takings to take place.
The main gauge is forecast to face resistances at 12,700 points and 12,760 points, and will target the mark of 13,560 points in case it breaks above 13,000 points, while the support levels are 12,300 points and 12,230 points, she added.
Technical analyst Waleed Hilal said that the EGX extended its gains for the fourth session in a row, backed by the Egyptian Financial Supervisory Authority’s (EFSA) approval on the CI Capital transaction and the efforts of Egypt's minister of investment and international cooperation Sahar Nasr to put an end to the stamp duty tax issue.
The benchmark EGX30 rose on Monday by 0.99% or 123.61 points to the level of 12,623.22 points.
