Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the volatile performance during the fourth week of October, analysts told Mubasher.

The indices of the Egyptian bourse is expected to hover around 13,800 points to 13,200 points, branch manager of Osool ESB Securities Brokerage Saeed El Feki said.

The benchmark EGX30 index has resistance at 13,900 points and has support at 13,500 points, he highlighted, adding that breaking this resistance level with high trading volume will boost the market.

As for the small- and mid-cap EGX70 index, El Feki said it has main support at 682 points, which is hard to be surpassed in the meantime.

For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that sell-offs by investors, as well as a wave of profit-taking, will carry on during the coming trading sessions.

Naguib pointed out that the EGX30 index has support at 13,500 points and 13,400 points, noting that the new support level 13,174 points shall be set as a stop-loss limit for any purchases by quick traders.

On the other hand, he expected new purchasing power to maintain the positive correction movement and target 14,000 points and 14,100 points in case trading volume increased.

It is worth noting that the EGX closed Thursday, 18 October, in green territory as the EGX30 index ended the week up 2.7% at 13,644.16 points.