The Egyptian Exchange (EGX) is likely to rebound into positive territory during Thursday’s trading session, analysts told Mubasher.
The benchmark EGX30 index is expected to rebound above 15,781 and 16,041 points and retarget 16,336 points, head of capital market committee at the African Economic CouncilAymann Fouda said.
Fouda added that the EGX30 has main support at 15,550 and 15,420 points.
Meanwhile, the small- and mid-cap EGX70 index is projected to retest 767 and 775 points, he indicated, pointing out that the index has support at 749 and 742 points.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX will see a long-term bullish trend, while it will move downwardly in the medium- and short-terms.
Armia highlighted that the EGX30 index has main support at 15,300 and 14,675 points, and has resistance at 15,800, 15,980, and 16,100 points.