Cairo – Mubasher: The Egyptian Exchange is likely to keep witnessing the selling wave that drifted the main index 0.15% lower on profit-taking yesterday.

Yesterday, the main gauge sloped downwardly on the short term to reverse the strong upturn started after crossing the robust support area of 6,800 points, said Mohamed Ismail, technical analyst at Golden Hand securities.

As stocks ticked the targeted and profitable resistance marks, investors have started seeking profit-taking, Ismail indicated, expecting EGX30 to keep moving downwardly and retesting the 7,150-6,800 area.

Market analyst at EGS Brokers Hoda El Menshawy said the benchmark failed to keep running bullish due to a selling wave interrupted the upturn occurred on further devaluation’s speculations, said market analyst at EGS Brokers Hoda El Menshawy.

In case the main index succeeds to hold above 7,535 points, it will rebound once again on the short-run only; otherwise it will recoil and retest all previous marks.

On Monday, Cairo bourse finished the trading session on a lower note and reversed its early upward movements. The benchmark index EGX30 inched down 0.15%, 11.25 points, to 7,506.18 points.