Cairo – Mubasher: Stock market analysts expected the sideways movement to continue on the Egyptian Exchange (EGX) on Thursday.

Market analyst at Mubasher International for Securities Shahd Raafat said that the main index ended Wednesday’s session in the red after it declined below the minor support of 13,450 points to reach the level of 13,324 points, before it rises one more time to close at 13,376 points on below-average volume.

Raafat suggested that the rebound that started on the hourly chart may proceed to test the broken support level of 13,450 points which serves as a resistance now. However, this will not change the fact that slipping below 13,450 points is a sign of weakness, she noted.

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 13,320 points.

The small- and medium-sized enterprises index EGX70 is likely to face resistances at 640 and 644 points, and has supports at 632 and 628 points, Fouda added.

The benchmark EGX30 fell on Wednesday by 0.29% or 39 points to the level of 13,376.4 points.