Cairo - Mubasher: The Egyptian Exchange (EGX) indices are expected to move slightly lower on Tuesday, while the benchmark index may test the level of 6,900 points.
The global markets are likely to resume their declines on the rising political turmoil in the MENA region, said Ayman Fouda, head of capital market committee at the African Economic Council.
The heavyweight Commercial International Bank sees normal profit taking spree, after it reached the price level of EGP 40, noted the analysts.
The benchmark index EGX30 will face resistance at the levels of 7,080 and 7,115 points until it reaches the level of 7,200 points, added the analyst. Fouda pointed out that the benchmark will gain support at the levels of 6,900 and 6,840 points.
"The benchmark slide on Monday amid strong trading volumes, closing slightly above the level of 6,900 points, which is considered stop losses trend on the short run," said Mona Hassan, Chief technical analyst at Mubasher Trade.
The investors are advised to keep open positions, as long as the benchmark is still keeping its position above the level of 6,900 points, added Hassan.
On Monday, the benchmark index EGX30 lost 1.5% or 106.8 points to close at 6,982 points.
Global stock markets tumbled Monday as worries over China's economy and instability in the Middle East, which in its turn overshadowed Egypt's bourse.
