Cairo-Mubasher: Analysts held varied views about the Egyptian bourse's performance on Monday due to investors' anticipation of the U.S. interest rate and oil price pressures.
Mona Hassan, chief technical analyst at MubasherTrade, said the benchmark EGX30 steeply declined on Sunday to close at 6,395 points, hurt by the bearish performance of all bourses.
The index failed to break its resistance of 6,650 and declined to close near its support of 6,300, Hassan said, advising investors to stop losses if the gauge breaks this level downward.
Ayman Fouda, head of capital market committee at the African Economic Council, projected the market to stage a comeback on Monday, noting that the index has resistance of 6,450 and then 6,580 as well as support at 6,350 and then 6,300.
Fouda added that EGX70 has resistance at 357 and then 360 as well as support at 350 and then 344.
He advised investors to follow up foreign stock markets especially the GCC as well as the institutional performance on the local exchange.
Translated by Abdul Maguid Aboshahla
