Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideways-to-declining trend on Wednesday, analysts told Mubasher.

The benchmark EGX30 index is targeting the levels of 16,500, 16,570, and 16,445 points, capital market expert Michael Mamdouh Naguib said.

The EGX is expected to end the correction movement in Thursday’s trading session to rebound next week on the back of recent purchasing powers on blue-chip stocks, he forecast.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the EGX is likely to continue the volatile trend in the remaining trading sessions of this week.

New market-boosting catalysts will push up blue chips to break near resistance levels and end the correction trend, he added.

The EGX30 has a short-term resistance at 16,850 and 16,950 points, and has support at 16,550 and 16,400 points, he highlighted.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 866 and 878 points, and has support at 840 and 836 points, he indicated.

Fouda recommended investors to monitor stocks, while creating new buying positions in strong operative stocks.