By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see profit-taking on Wednesday after breaking 13,900 points amid the plunge of the US stock market, analysts told Mubasher.
The EGX is expected to carry on the bearish trend today surpassing 14,000 points last Monday and losing 100 points, customer relations manager at Arabeya Online Michael Mamdouh said.
The benchmark EGX30 index is likely to maintain the downward trend in the medium term, especially after Dow Jones fell by 1000 points, Mamdouh indicated.
The index has resistance at 1,000 points, while it has support at 13,500 points, he highlighted.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index will see profit-taking after testing resistance at 13,950 and 14,000 points.
Naguib projected the index to test main support between 13,700 and 13,600 points until it sees new purchasing power.
The index may break 14,100 points and test 14,500 and 14,800 points as the positive indicators have started to emerge recently, he indicated.
Translated by: Mai Ezz El-Din
