Cairo - Mubasher: The Egyptian Exchange(EGX) is expected to continue witnessing selling pressures through Thursday trading session, capital market experts and technical analysts told Mubasher.
The benchmark index EGX30 may test the levels of 6,120 and 6,050 points respectively, said Ayman Fouda, head of capital market committee at the African Economic Council.
The benchmark will see resistance at the levels of 6,280 and 6,320 points respectively, he added.
“Investors are advised to keep their current positions and don’t get panicked or go for random selling transactions,” added the analyst.
“The main gauge witnessed severe decline by the end of the previous session, as it moved below the level of 6,430 points and accordingly it is expected to resume this downside trend until the support level of 6,000 points,” said Mona Hassan, chief technical analyst at Mubasher Trade.
On Wednesday, the benchmark index EGX30 tumbled 4% or 258.69 points to close at 6,205.23 points, to hit its lowest level in 25 months or since 28 November 2013.
