Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see fluctuations on Monday, amid continued selling pressures on equities, said technical analysts.

The benchmark index EGX30 may test the 8120 level, till the emergence of new purchasing powers, they added.

The index continued to decline during Sunday’s session closing below the lower boundary of the declining channel at 8,218, said Mona Hassan, chief technical analyst at MubasherTrade, adding that another close below the lower boundary will confirm continuation towards 8,125.

Egypt’s stock market was down on Sunday, as the benchmark index reversed its early rise to end 1.16% or 96.47 points lower at 8218.25 points; its lowest level since 17 December, 2014.

Sameh Gharib, head of technical research at Roots for Securities Brokerage expected the selling pressures to continue on Monday, adding that the benchmark has primary resistance at 8400 points.

Mona Moustafa, technical analyst at African Economic Group, said the market will likely continue its fluctuating sideways movement till new purchasing powers emerges.