Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways trend on Thursday until new purchasing powers boost it, analysts told Mubasher.

The EGX is expected to continue the sideways-to-declining trend by the end of this week until it sees new market-boosting catalysts that push stocks and indices above resistance levels, head of capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index has a short-term resistance at 17,900 and 17,970 points, on which the index may consequently retest 18,082 points, he remarked, pointing out that the index has support at 17,650 and 17,450 points.

Meanwhile, the small- and medium-caps EGX70 index has a short-term resistance at 878 and 885 points and has support at 855 and 840 points, he added.

Fouda recommended investors to monitor stocks carefully, avoid random selling, and take profits of each stock separately near resistance levels, in line with keeping liquidity ratios in investment portfolios to rebuy on stocks with positive news near support levels.

The EGX closed Wednesday’s trading session down 96.61 points, or 0.54%, to 17,705 points, pressured by foreign selling.