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Egypt bourse likely to move sideways-to-bullish - Analyst

Egypt bourse likely to move sideways-to-bullish - Analyst
The Egyptian Exchange (Photo credit: Mubasher)

Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to witness a sideways-to-bullish performance on Thursday, an analyst told Mubasher.

Technical analyst Ayman Fouda said that the benchmark EGX30 index is likely target resistances at 13,130 and 13,150 points, while the support levels will be at 13,020 and 12,950 points.

The small- and medium-sized enterprises index EGX70 is expected to face resistances at 597 and 601 points, and has supports at 590 and 586 points, Fouda added.     

The stock market closed Wednesday’s trading in green, backed by buying activity by foreign investors.

The main gauge rose 0.99% or 127.43 points to the level of 13,064.02 points, as the EGX70 and EGX100 indices also ascended by 0.08% and 0.62%, respectively.