Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to open Monday’s trading session in red territory, and the EGX would not change the bearish trend unless it sees new market-boosting catalysts, analysts told Mubasher.

The EGX is likely to see a downward trend early Monday on the back of selling pressures until purchasing powers re-dominate the local stock market afterward, in line with seeing buoyant liquidity that push stocks and indices higher,  head of capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index has a short-term resistance at 15,160 and 15,300 points, while it has support at 14,930 and 14,718 points, Fouda highlighted.

The analysts added that the small- and medium-cap EGX70 index has a short-term resistance at 860 and 878 points.

Fouda recommended investors to trade on stocks that hit main resistance levels to protect earnings, pointing out that quick trader should trade on active stocks with buying with margin.