The main indices of the Egyptian Exchange (EGX) are expected to see a stable performance on Thursday, in line with ending profit-taking on blue-chip stocks’ accumulation, analysts told Mubasher.
The indices of the EGX are likely to retest near support levels on the back of purchasing power on blue chips that hit main support levels, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 17,650 and 17,779 points, and has support at 17,420 and 17,330 points, he remarked.
Fouda recommended investors not to sell randomly and to deal with each stock separately, in line with maintaining liquidity ratio in investment portfolios to recreate new buying positions in stocks with a positive performance.
For his part, head of technical analysis department at Arabeya Online Michael Armia said the EGX30 index is still moving upwardly in the in the short-, medium- and long-term despite the downward trend it saw yesterday.
Armia also noted that the EGX30 index has resistance at 17,750, 18,000, and 18,500 points, while it has support at 17,300, 17,000, and 16,730 points.