Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to see sideways movement on Thursday, as investors await the decision of Central Bank of Egypt (CBE) regarding the interest rate, technical analysts told Mubasher.
The Monetary Policy Committee (MPC) of the CBE will hold a meeting late today, where it is expected to raise interest rates to combat inflation.
The benchmark index, EGX30, closed on Tuesday at the level of 6,769 points amid average trading volumes and fluctuating trade, said Mona Hassan, chief technical analyst at MubasherTrade.
Egypt's bourse closed on Wednesday on the occasion of Prophet Mohammed's birthday for the year 1437 Hijri.
"Investors await the decision of MPC decision in respect to overnight deposit and lending rates," said Ahmed Abdel Hamid, managing director of Watheeqa Securities.
MPC postponed its rate decision last Thursday, 17 December, by one week, citing a need to achieve “full coordination and commitment on macroeconomic objectives with the government, including targets for fiscal consolidation, current account outturns and the implementation of urgent structural economic reforms,” according to its statement.
