Cairo - Mubasher: The Egyptian Exchange (EGX) is forecasted to continue sideway movements this week amid the lack of positive incentives, technical analysts told Mubasher.

"The benchmark index EGX30 ended last week's trading session below the support level of 7,325 points, which is considered a negative sign," said Mona Hassan, chief technical analyst at MubasherTrade.   

If the benchmark closed gain below the level of 7,325 points, then it may resume its downside movement towards the support level of 6,920 points, added Hassan.

"The benchmark is moving downside on the short and medium term, and it is expected to target the levels of 6,200 and 6,180 on the medium term after it crosses the support level of 6,600 points," said Mohamed Khedr, head of technical analysis, Prime Securities.   

As for the short - run, the benchmark may rebound between the levels of 7,500 and 7,600 points, noted the analyst.  

On Thursday EGX indices retreated collectively, while the market capitalisation lost nearly EGP 1.5 billion ($191.5 million) on local and Arab institutions sell-off.

The benchmark index EGX30 drifted down 0.30% or 22.17 points to EGP 7310.71 points.