Cairo – Mubasher: The Egyptian Exchange (EGX) is forecasted to extend downside trend on Thursday, as the benchmark index EGX30 may test the support levels of 7,450 and 7,370 points amid the current market fluctuations, technical analysts told Mubasher.

“The benchmark index may test the near support levels of 7,450 and 7,370 points, while it may face resistance at the levels of 7,580 and 7,645 points,” said Ayman Fouda, head of capital market committee at the African Economic Council.

As for the small and medium caps index EGX 70, Fouda said it may target the resistance levels of 362 and 365 points, while it may gain support at the level of 355 points.

The investors are advised to take time before making any buying positions on the market in the present time, until the appearance of any signs of possible market stability, added Fouda.

The benchmark index lost 1.23% or 93.6 points on Wednesday as it closed at the level of 7,503.36 points.