The Egyptian Exchange (EGX) is expected to continue its positive trend on Thursday, and may aim for 13,700 points, analysts told Mubasher.
The EGX’s indices are forecast to see a slight drop due to price differences, head of the capital market committee at the African Economic Council Ayman Fouda stated, noting that the EGX30 index may reach resistance at 13,652, then 13,800 points, while support will be seen at 13,550, followed by 13,260 points.
Fouda further indicated that the small and medium-cap index EGX70’s short-term resistance level is at 705 points, then 712, while its support levels will be seen at 688, then 680 points.
On Wednesday, The EGX closed on a mixed note after the benchmark EGX30 index surged 179.74 points, or 1.34%, reaching 13,615.85 points, while the small- and mid-cap EGX70 index declined 1.58% to 692.1 points.
The main EGX30 index had traded between 13,600 and 13,700 points during the session, amid a growth in trading volume, Osama Naguib, head of technical analysis at Arab Finance Securities, told Mubasher.
The EGX30 is currently targeting 13,850 points, and may extend towards 13,950 points if volumes continue rising from their averages, Naguib concluded.