Cairo-Mubasher: Egypt’s stock market is expected to witness selling pressures on Monday after the rallies seen by the benchmark over the last five sessions, technical analysts told Mubasher.

EGX30 closed Sunday with a loss of 1.02% or 82.41 points to 8004.83 points.

Mona Hassan, chief technical analyst at MubasherTrade, said the benchmark retreated on Sunday and failed to break its resistance of 8,125 points, adding that the index is likely to test the next support levels.

He advised investors with partial profit-taking.

Ayman Fouda, head of capital market committee at the African Economic Council, expected the bourse to see sideways movement with an upward bias amid profit-taking.

He added that the market is in need of some incentives such as the opening of the new Suez Canal which will help inject fresh liquidity into sectors and stocks.

EGX30 faces resistance at 8050, 8124 and 8260 points, Fouda said, adding that if the index breaks this area amid strong buying, it will move upward to its targets.

The analyst said the index has support at 7980 and 7900 points.

EGX70 faces support at 449 and 485 points, and support at 440 and 436 points, Fouda said.

He advised investors to hold their equities and make use of rallies through partial profit-taking, in addition to buying near support levels.

Translated by Abdul Maguid Aboshahla