Cairo-Mubasher: The movement of the Egyptian Exchange (EGX) benchmark index EGX30 above the level of 7,500 points may lead it to test new levels to end the short-term downside trend and shifts to the short-term sideways trend, technical analysts told Mubasher.

"The benchmark advanced on Monday to close above the level of 7,325 points at 7,409 points amid average trading volumes, which is considered a positive movement and it is expected to face resistance at the level of 7,500 points," said Mona Hassan, chief technical analyst at MubasherTrade.

"The benchmark targets the level of 7,800 points, after it succeeded in keeping its position above the levels of 7,570 and 7,600 points and it will gain support at the level of 7,235 points," said Mona Mustafa, technical analyst at African Group brokerage.

EGX indices advanced collectively on Monday, first trading session after Eid al-Adha holiday, as the market capitalisation gained nearly EGP 1.1 billion($139.4 million)on Arab and foreign institutions buying.

The benchmark index EGX30 added 0.85% or 62.52 points to close at 7,409.06 points, its highest level since 17 August.