Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to keep moving downwardly on Thursday amid a foggy scene of Egypt's monetary policy, said analysts.
Ayman Fouda, head of capital market committee at the African Economic Council, expected the downturn to continue during the last trading session this week amid lack of positive data and significant low liquidity level.
If the benchmark index succeeds in holding above 8,160 points, it will likely have resistance at the 8,200 – 8,260 zone and support at the 8,080-8,000 area, Fouda added.
MubasherTrade Research indicated that the main index "lies on a good support level off which it may rebound to retrace part of the decline."
The EGX30 ended Wednesday lower 0.65%, or 53 points, to close at 8,160.4 points, recording its lowest level in October.
