Cairo – Mubasher: Profit-takings on the Egyptian Exchange (EGX) are likely to continue on Tuesday as the benchmark EGX30 index failed to stand above the mark of 13,000 points at Monday’s close, technical analyst Ayman Fouda told Mubasher.
Fouda expects the stock market’s indices to open Tuesday’s trading in red, noting that the EGX30 index will retry to reach the level of 13,020 and stand above it to target resistance levels of 13,090 and 13,200 points, while the support levels are 12,888 and 12,790 points.
The small- and medium-sized enterprises index EGX70 is expected to face resistances at 529 and 533 points, and have support at 518 and 511 points, Fouda said.
Meanwhile, market analyst Shahd Raafat suggested that the EGX30 index is likely to face resistance at 13,400 and 13,544 points, and have support at 12,700 and 12,650 points.
The main gauge extended its gains on Monday after rising 0.07% or 9.23 points to the level of 12,929.13 points.
