Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see a sideways-to-rising performance amid new market-boosting catalysts, including the International Monetary Fund’s (IMF) report regarding the latest review on the Egyptian economic reform programme.

The indices of the EGX are expected to move upwardly on Thursday’s trading session, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.

The benchmark EGX30 index may retest resistance at 16,260 and 16,336 points if it settles above 16,100 points, and it could retest 15,780 points if it breaks support at 16,060 and 15,900 points, Fouda added.

The small- and mid-cap index EGX70 is still moving in a downward direction and it may retest 815 points if it breaks sub-resistance at 803 and 809 points, he added, pointing out that the index has support at 796 and 785 points.

He recommended investors to trade on active stocks with positive financial results amid the short-term bearish trend, in line with buying on margin.