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

The EGX is expected to continue the volatile trend this week, head of the market committee at the African Economic Council Ayman Fouda said.

The local stock market has seen rebounds on Sunday’s trading session, which is an opportunity to alleviate positions while keeping liquidity in investment portfolios amid the short-term bearish trend, Fouda highlighted.

The benchmark EGX30 index is still targeting resistance at 16,400 and 16,750 points and support at 15,780 and 15,550 points, he pointed out.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 809 and 815 points and support at 785 and 760 points, he added.

Fouda recommended investors to monitor stocks carefully and get ready to reduce buying when stocks rebound, in line with keeping liquidity in investment portfolios to recreate purchasing positions when the market settles.