The Egyptian Stock Exchange (EGX) indices are forecasted to resume mixed performance on Thursday, amid the current struggle between purchasing and selling power, said capital market experts and technical analysts.
Investors aim to seize stocks near their support levels, noted the analysts.
"The market sentiment will remain cautious as it awaits new signs that show the market’s upcoming trend, and accordingly we expect stocks to continue their fluctuating movement on Thursday," said Mona Mostafa, technical analyst at African Group brokerage.
The analyst noted that the benchmark will gain support at the levels of 9,460 and 9,286 points, while it will face resistance at the levels of 9,460 and 9,530 points.
Egypt’s stock market slid on Wednesday, losing around EGP 1.7 billion ($223 million) from its capitalisation as blue chips were pressured by profit taking.
The benchmark index EGX30 fell 0.81% or 77 points to close below the 9,500 barrier at 9,484.08 points, its lowest level in two weeks.
