Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to see sideways movement on Monday as well as through the rest of this week's trading session, technical analysts told Mubasher.
The upcoming sessions are likely to witness cautious trend, accompanied with slow fluctuations of stocks prices, said Ayman Fouda, head of capital market committee at the African Economic Council.
"The investors are advised to build positions at the stocks that own positive news, between its support and resistance zones; while keeping adequate liquidity with their portfolios," added Fouda.
The benchmark index EGX30 declined on Sunday closing, few points above its resistance level of 6,900 points amid moderate trading volumes, said Mona Hassan, chief technical analyst at MubasherTrade.
"It is considered normal that the main gauge will see downward correction movement, after its gains last week," noted the analyst.
The investors are advised to build positions as long as the benchmark didn’t break below the level of 6,300 points, said Hassan.
The Egyptian Exchange indices were down on Sunday, pressured by selling activity among institutional traders. The main index fell by as much as 0.93% or 63.5 points to close at 6,749 points.
