Cairo-Mubasher: The Egyptian Exchange (EGX) indices are forecasted to kick off Thursday's session in the negative zone, then to recover on the session's second half on the emergence of purchasing power, said Ayman Fouda, head of capital market committee at the African Economic Council.

The benchmark will gain major support at the level of 7,332 points, noted Fouda, pointing out that the heavy-weight Commercial International Bank (CIB) witnessed profit taking after it moved below the level of EGP 54/shr.

CIB's stock performance will determine whether the benchmark will remain stable below the support zone of 7,300 and 7,325 points, added the analyst.

"The benchmark index EGX30 closed at the level of 7,332 points on Wednesday’s session amid average trading volume and it still needs to confirm its position above the level of 7,325 points to resume its current upside trend," said, Mona Hassan, chief technical analyst at MubasherTrade.

EGX indices closed on mixed note on Wednesday, while the market capitalisation gained EGP 679.3 million ($86.5 million) on foreign and retail buying.