The Egyptian Exchange (EGX) is likely to maintain the correction trend on Thursday, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, projected the EGX to open today’s trading session in correction territory until purchasing power dominates the market.
The benchmark EGX30 index has a short-term resistance at 13,405 and 13,495 points, and has support at 13,300 and 13,220 points, Fouda highlighted.
He added that the small- and mid-cap EGX70 index has a short-term resistance at 695 and 700 points and has support at 682 and677 points.
For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, expected new market-boosting catalysts to emerge in the medium-term and push the EGX30 index above 13,400 points.
Naguib noted that the EGX30 is hovering around 13,750 and 14,100 points.
The EGX closed Wednesday’s trading session on a mixed note as the EGX30 ended the session at 13,365.58 points, losing 37.12 points, amid heavy liquidity