Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways trend on Monday’s trading session, analysts told Mubasher.
The Egyptian bourse is expected to continue the mixed sideways trend on Monday, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 15,812 and 16,000 points, while it has support at 15,550 and 15,100 points, Fouda highlighted.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 758 and 763 points, while it has support at 749 and 744 points, he added.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said trading volumes are still weak, indicating the absence of any purchasing power in the meantime.
The EGX is likely to continue the volatile trend as it will mostly face new temporal selling pressures, Naguib continued.
The EGX30 index may touch 15,700 and 15,500 points if it falls below 16,000 points, he said, pointing out that the index will test 16,400 and 16,100 points if it breaks resistance with higher trading volume.