Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see sideways trend on Thursday, as the market waits to see new liquidity on the availability of positive news, technical analysts told Mubasher.
The benchmark index EGX30 went down slightly in the previous session, for the third day in row, on the lack of any momentum that triggers it higher on the short run, said Mona Hassan Chief technical analyst at Mubasher.
The benchmark is likely to adopt sideways trend between the levels of 6,000 and 6,200 points, said Hassan.
“The benchmark will move lower towards the level of 5,750 points, if it break below the level of 6,000 points,” said Hassan.
“The market indices are seen fluctuating on Thursday’s session, where the benchmark is expected to retest the support levels of 6,000 and 5,940 points,”said Ayman Fouda, head of capital market committee at the African Economic Council.
The market will gain momentum on the availability of new liquidity upon releasing any positive news, added Fouda, noting that the main gauge will face resistance at the levels of 6,132 and 6,200 points.
