Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the sideways trend in Tuesday’s trading session.
The EGX is expected to carry on the sideways trend today amid declining turnover, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The benchmark EGX30 index has a short-term resistance at 13,581 and 13,800 points, and has support to 13,444 and 13,335 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 688 and 695 points, and has support to 682 and 677 points, he added.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that the EGX30 index has been moving sideways for the ninth session in a row.
The heavyweight Commercial International Bank (CIB) jumped to EGP 86 yesterday, which is a positive signal that may push the EGX30 toward 13,750 points, Naguib added.
New market-boosting catalysts are expected to emerge in the medium-term, pushing the EGX30 to hover around 13,750 and 14,100 points, he noted.
