Cairo – Mubasher: The recent declines of the global markets are likely to overshadow the performance of the Egyptian Exchange (EGX), technical analysts told Mubasher.
The global money markets have suffered losses of nearly $4.5 trillion last week, while 13 markets only out of 85 markets, worldwide, have ended in green zone.
“The declines of the global markets as well as the Gulf markets will have adverse effect on the benchmark index EGX30, within the upcoming period,” said Mohamed Khadr, technical analyst at Prime Holding.
The benchmark movement above the support level of 6,694 points will push it downward to the levels of 6,300 and 6,400 points, added the analyst.
“The main gauge is expected to move lower towards the support level of 6,700 points, after it break below the level of 6,900 points in the previous session,” said Mona Hassan, Chief technical analyst at Mubasher Trade.
EGX indices retreated collectively on Sunday, while the benchmark index EGX30 lost 2.03% or 140.36 points to close at 6,782.35 points.
