Cairo – Mubasher: The Egyptian Exchange (EGX) awaits the availability of new liquidity as well as positive news that may support the market main indices to keep their current levels, said Ayman Fouda, head of capital market committee at the African Economic Council.
The market may extend the declines of the last week, added Fouda.
The benchmark index EGX30 will target the resistance levels of 5,900 and 6,006 points respectively, as long as it remains stable above the level of 5,800 points, while it will gain support at the levels of 5,715 and 5,640 points respectively, noted the analyst.
As for the small and mid-caps index EGX70, the analyst said that, it will face resistance at the levels of 350 and 354 points, while it will gain support at the levels of 344 and 340 points.
In the same vein, Ibrahim El Nemr, head of technical analysis at Naeem Brokerage said, “The investors are advised to reduce their market positions near the stop loss level of 5,895 points”.
