The indices of the Egyptian Exchange (EGX) are likely to be mixed during Monday’s trading session amid the emergence of new market-boosting catalysts, analysts told Mubasher.
The benchmark EGX30 index closed Thursday’s trading session down 1.46% and is currently testing support at 14,000 and 14,100 points, head of technical analysis at Naeem Brokerage Ibrahim El Nemr said.
The index is expected to extend losses towards 13,700 points if it does not settle above 14,000 points, El Nemr highlighted.
On the other hand, the index may see a positive rebound and move higher towards 14,500 points, he indicated, recommending that investors sell their shares during the index’s attempts to rise.
Meanwhile, head of the capital market committee at the African Economic Council Ayman Fouda projected that the EGX would see a sideways-to-declining trend on the first trading session this week.
The EGX30 index has a short-term resistance at 14,300 and 14,468 points, and has support at 14,054 and 13,970 points, Fouda noted.
As for the small- and mid-cap EGX70 index, Fouda added that it also had short-term resistance at 712 and 720 points, while support would be seen at 690 and 682 points.