Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to extend its downside trend on Monday, amid mounting concerns after Paris bloody attacks as well as the decline of most global markets, technical analysts told Mubasher.
"The European markets are likely to extend declines on Monday, which will overshadow the performance of Cairo bourse," said Mahmoud Hossam, investor relation manager at Mubasher Trade.
On the local side, there are a number of negative events that adversely affected the investors’ sentiment, including the recent crash of a Russian passenger plane in Sinai and Standard & Poor's cut of the outlook on Egypt's credit rating to stable from positive, pointed out Hossam.
The benchmark index EGX30 moved below the support level of 6,640 points on strong selling pressures, said Ibrahim El Nemr, head of technical analysis at Naeem Brokerage.
Investors will find an opportunity to sell their stocks, if the benchmark bounced up towards the level of 6,640 and 6,880 points, noted Al Nemr.
EGX tumbled on Sunday, as the benchmark index EGX30 dropped 4.2% or 284.5 points to close at 6,522 points, its lowest level since 11 December 2013.
