Cairo – Mubasher: Profit-taking on the Egyptian Stock Exchange (EGX) is likely to continue on Monday amid lack of positive data, analysts told Mubasher.

Ayman Fouda, head of capital market committee at the African Economic Council, expected profit-taking and speculators to control the trading activity today.

The benchmark index is facing resistance at 8,130-180 points, while having support at the area extending from 8,000 points to 7,900 points, Fouda added.

Market analyst at Mubasher International for Securities Shahd Raafat, said the index closed Sunday in red "with dry volume" at 8,052 points. This decline is a part of its correction to test the key support level at 7,993 points.

"Breaking below the aforementioned level is considered bearish and a stop loss trigger on both short and medium terms", Shahd concluded.

EGX indices closed Sunday on a negative due to a selling spree by foreign investors.The EGX30 went down 0.97% or 79.26 points to the level of 8,050.23 points.