Cairo – Mubasher: Stock market analysts expect the Egyptian Exchange (EGX) to move sideways on Wednesday before continuing the upward trend after the Eid Al Fitr holiday.

Market analyst at Mubasher International for Securities Shahd Raafat said that the market's benchmark ended Tuesday’s trading in red to close few points above 13,400; influenced mainly by the retreat of the blue chips EFG Hermes and the Commercial International Bank - Egypt (CIB).

Raafat added that declining below 13,450 points ended the sideways range between 13,450 and 13,550 points to the sell side, despite the positive reading of most of the indicators; the thing that led to a bearish view on the short-term as the index might reach 13,300 points.

Meanwhile, technical analyst Ayman Fouda expected the EGX30 index to have short-term resistances at 13,460 and 13,520 points, while the support levels are forecast to be 13,350 and 13,260 points.

The small- and medium-sized enterprises index EGX70 is likely to face resistances at 630 and 634 points, and has supports at 624 and 620 points, Fouda added.