Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to move up slightly on Monday in the framework of temporary correction movement pushed by the buying activity of the foreign investors in the previous session, technical analysts told Mubasher.
“The benchmark index EGX30 may advance on Monday towards the level of 5,890 points,” said Ehab Saeed, head of research at Osool Securities.
The benchmark’s first upcoming resistance zone will be at the level of 6,000 points, added the analyst.
“The main gauge declined severely on Sunday where it hit the level of 5,526 points, but it erased part of its losses in late trade and it is expected to resume this downside trend on Monday,” said Mona Hassan, Chief technical analysts at Mubasher.
On Sunday, the EGX30 dropped 1.66% or 97.5 points to close at 5,760 points, its lowest level since 9 October 2013.
