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EGX to continue sideways movement – Analysts

EGX to continue sideways movement – Analysts
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Cairo-Mubasher: The Egyptian Exchange (EGX) is forecasted to continue its sideways movement on Thursday, with the indices approaching their support levels, at which buying powers will emerge to push the indices higher, said technical analysts.

Mona Moustafa, a technical analyst at African Economic Group, said the benchmark EGX30 closed Wednesday at the 8,966 level on cash-ins, adding that the index is approaching its secondary support of 8,930 points.

Ahmed Thabit, a technical analyst at Tycoon Securities, said that the market is still moving sideways, with a downward bias.

Thabit added that the exchange is still showing bullish performance, and the benchmark is likely to hold position above 8,930-8,935 points, and to re-test the 9,120 level in the next period.

The EGX70 will consolidate above 475 points, and will then target the 500 level, which indicates that fresh liquidity will be injected into small and mid-cap stocks, the analyst said.

Translated by Abdul Maguid Aboshahla