Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on the sideways trend on Monday, analysts told Mubasher.
The EGX is likely to be volatile in Monday’s trading session amid blue-chip stocks attempting to settle above main support levels, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index may test resistance at 13,074 and 13,260 points if it breaks 13,000 points, Fouda added, pointing out that the index has support at 12,950 and 12,850 points.
The small- and mid-cap EGX70 index has a short-term resistance at 680 and 688 points, while it has support at 669 and 660 points, he indicated.
For his part, Ahmed Saad, head of syndication and structured finance at Tycoon Brokerage Securities, said that the EGX30 has seen a rebound at 12,000 points, which will boost trading volume and push it to correction territory.
The index may target 13,450 and 14,000 points if it breaks resistance at 13,000 points, Saad added.
He pointed out that the index may fall below 13,000 points toward 12,500 and 12,000 points.
