Cairo – Mubasher: Selling pressures are likely to drag the indices of the Egyptian Exchange (EGX) down on Tuesday, analysts told Mubasher.
Trading volume in the EGX is still weak as the main indices are moving downwardly amid weak momentum on blue-chip stocks, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 14,540 and 14,810 points, and has support at 14,305 and 14,080 points, Fouda highlighted.
As for the small- and mid-cap EGX70 index, he said that it has a short-term resistance at 712 and 720 points and support at 688 and 680 points.
Moreover, Osama Naguib, head of technical analysis at Arab Finance Securities, stressed that sell-offs will maintain pushing the indices to decline and face profit-taking, especially after hovering around 14,850 points.
He also projected that the EGX30 will carry on seeing selling pressures and retest 14,250 and 14,150 points.
