Cairo - Mubasher: The Egyptian Exchange (EGX) is expected to see sideways movement on Thursday, technical analysts told Mubasher, noting that the benchmark index EGX30 is likely to move between the levels of 6,300 and 6,500 points.

The market is forecasted to adopt sideways accumulated behavior amid weak trading values and the stability of the leading stocks until the end of the selling-spree over Commercial International Bank, said  Ayman Fouda, head of capital market committee at the African Economic Council.

The benchmark will face resistance at the levels of 6,420 and 6,500 points, while it will have support at the level of 6,320 points, he noted.

As for the small and mid-cap index EGX70, it will face resistance at the levels of 355 and 358 points, while it will see support at the level of 348 points, added Fouda.

The main gauge adopts sideways trend on the short term between the major support level of 6,300 points and the resistance level of 6,650 points, said Mohamed Ismail, a technical analyst at Golden Hand Securities.

Thus, investors are advised to keep close eye on the levels of 6,300 and 6,650 points, added Ismail.