Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to continue seeing profit-taking operations on Wednesday, as it awaits the injection of fresh liquidity, technical analysts told Mubasher.
"The market ended in red zone on Tuesday amid selling spree by institutions, as well as the decline of the heavy weight Commercial International Bank by 3.13%,” said Ayman Fouda, head of capital market committee at the African Economic Council.
EGX is likely to extend the last session's profit taking trend, until the emergence of purchasing power that supports the indices to retest new resistance levels, added Fouda.
The benchmark index EGX30 is expected to retest the resistance levels of 6,720 and 6,900 points, while it will have support at the levels of 6,400 and 6,580 points, according to the analyst.
In the same vein, Mona Hassan, chief technical analyst at MubasherTrade said, "The main gauge is forecasted to move lower towards the support level of 6,480 points".
On Tuesday, EGX indices declined collectively, pushed by Arab investors sells-off.
The benchmark index EGX30 sagged 2.51% to close at 6,608.01 points.
