The Egyptian Exchange (EGX) is likely to see a temporal sideways trend on Thursday, analysts told Mubasher.
The EGX is expected to maintain the sideways performance until it tests resistance at 15,250 points, head of the business development and strategy department at Pioneers Securities Mohamed Gab Allah said.
The benchmark EGX30 index will target 15,800 points as main resistance if it breaks 15,250 points, Gab Allah noted.
He added that the index has support at 15,160 and 15,000 points, projecting the bourse to continue the volatile trend until next Sunday.
He also expected the banks and telecommunication sectors to lead the market today, as well as the services and industrial sectors.
As for the small- and mid-cap EGX70 index, Gab Allah said it may move downwardly towards 715 points if it does not break 726 points today.
For his part, Ayman Fouda, head of the capital market committee at the African Economic Council, said that the Egyptian stock market would continue the mixed performance in Thursday’s trading session.
The EGX30 index has a short-term resistance at 15,260 and 15,320 points, while it has support at 14,900 and 14,760 points, Fouda noted.
Meanwhile, the EGX70 index has a short-term resistance at 726 and 735 points and has support at 715 and 705 points, he added.