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EGX seen moving between 7,300 – 7,700 pts – Analysts

EGX seen moving between 7,300 – 7,700 pts – Analysts
EGX trading floor - (Photo Credit: Mubasher)

Cairo – Mubasher: The Egyptian Exchange's benchmark index (EGX30) is expected to move between the support mark of 7,300 points and the resistance level of 7,700 points, said analysts.

On last Thursday, investors' selling tendency, namely foreigners, drifted EGX30 lower, said Hesham Hassan, head of technical analysis at Acumen for Securities.

He clarified that the main index is still moving between resistance of 7,700 and the support of 7,300, which is considered the stop-loss level.

Sameh Gharib, head of technical research, Roots Stock Brokerage House said the main index is currently moving in a narrow channel between the resistance of 7,700 points and the support of 7,370 points, expecting EGX30 to face the next support level of 7,100 points when breaking below the mark of 7,370 points.

On Thursday, Cairo bourse ended the trading session in the negative zone for the second session in a row after EGX30 shed 66.5 points, or 0.89%, to 7,436.87 points.