Cairo – Mubasher: The correction seen on the Egyptian Exchange (EGX) recently is expected to continue during Thursday’s trading session or until the levels of 15,400 and 15,500 points are broken, analysts have forecast.

Nearing its five-day losing streak, the EGX is likely to conclude the correction it commenced in May, commented customer relations manager at Arabeya Online Michael Mamdouh Naguib.

Breaking the level of 15,700 points will prompt the index to fall towards 15,500 and 15,400 points, the analyst said, indicating that investors can begin purchasing stocks and building position at these levels.

The EGX’s recent decline exceeded expectations, Naguib noted, citing economic and political reasons as well as speculation.

Meanwhile, head of technical analysis at Arabeya Online Michael Aramia said that investors should not buy stocks at the moment and should maintain their positions at stop-loss-levels.

The EGX is expected to see a rising trend on the long-term, whereas on the short and medium terms, the Egyptian bourse is likely to trade in the red, Aramia noted.