Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to move higher on Thursday, to resume the previous session's late trade trend, technical analysts told Mubasher.
"The benchmark index EGX30 adopts down trend on both the short run and the long run," said Mohamed Ismail, a technical analyst at Golden Hand Securities.
The main gauge may witness upward correction movement through the next sessions, as it may retest the resistance levels of 6,650 and 6,900 points, added Ismail.
The market is likely to continue the rebounding trend of the previous session on Thursday, on the probability that the institutions, especially the local ones, will buy intensively to capitalise on the stocks ’current appealing price levels, said Ayman Fouda, head of capital market committee at the African Economic Council.
The benchmark targets the levels of 6,450 and 6,530 points, as long as it kept its position above the level of 6,400 points, while it will gain support at the level of 6,300 points, pointed out Fouda.
EGX indices rebounded collectively in Wednesday’s late trade, after they opened on negative note following the negative news about the results of the investigations related to the recent crash of the Russian aircraft in Sinai.
The benchmark index EGX30 reversed early losses, when it hit its lowest two-year levels at 6,300 points, to close at 6,413.97 points up 0.1% or 7 points.
