EGX to continue downward trend Thursday - Analysts

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the negative performance on Thursday, analysts told Mubasher.

The main indices of the EGX are expected to move downwardly in the last trading session of the week, head of capital market committee at the African Economic Council Ayman Fouda said, pointing out that Some stocks may rebound slightly.

The benchmark EGX30 index may retest resistance at 15,070 points if it breaks 14,468 and 14,580 points in the short-term, Fouda highlighted, adding that the index has support at 13,970 and 13,675 points.

As for the small- and mid-cap EGX70 index, he indicated that the index has a short-term resistance at 700 and 720 points, and has support at 690 and 685 points.

For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 is likely to carry on the bearish trend in the medium- and short-terms.

He recommended investors to wait until the correction movement end and the EGX30 tests the nearest weekly resistance and break the downward trend to begin accumulations and buying.

Armia noted that the EGX30 has main support at 14,100, 13,970, and 13,700 points, and has resistance at 14,500, 14,850, and 15,000 points.

MUBASHER Contribution Time: 20-Sep-2018 07:48 (GMT)
MUBASHER Last Update Time: 20-Sep-2018 07:54 (GMT)