Cairo - Mubasher:The Egyptian Exchange(EGX)is expected to resume positive performance on Monday, technical analysts told Mubasher.
EGX indices are likely to see sideways-upward trend amid investors’ concerns over the process of the parliament elections, said Ahmed Abdul Hamid, managing director of branches at Watheeqa.
Egypt started on Sunday the second phase of the parliament elections, which comes as a milestone on the army's roadmap to democracy.
The benchmark will face resistance at the level of 6,650 points, while it will gain support at the level of 6,550 points, added Abdul Hamid.
The market indices' positive performance is correlated to the increase in the trading volumes, pointed out the analyst.
The main gauge is forecasted to continue upside movement on Monday, as it targets the levels of 6,640 and 6,720 points, while it will gain support at the levels of 6,570 and 6,520 points, said Ayman Fouda, head of capital market committee at the African Economic Council.
On Sunday, the benchmark advanced 0.59% to close at 6,607 points, while the market capitalisation gained EGP 827.8 million ($106.3 million) to reach EGP 423.9 billion.
