Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to get a boost on Wednesday from the government's decision to take a $12 billion loan from the International Monetary Fund (IMF), said analysts.

The IMF loan was a long-awaited step that will initiate comprehensive economic reforms and encourage more investments, said Mahmoud Hossam, financial analyst at Mubasher, expecting buyers to have the upper hand today.

The benchmark index will likely target the 7,566 – 7,588 area, which is considered a breaking point towards more gains, market analyst at EGS Brokers Hoda El Menshawy pointed out.

If the main index holds below the above level, the sideways performance with downward movements is likely to continue and it will so move between support of 7,370 points and resistance of 7,710 points, she concluded.