Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the volatile trend on Monday until new market-boosting catalysts shore up blue-chip stocks, analysts told Mubasher.

The sideways trend is expected to continue in today’s trading session until the emergence of liquidity to push blue chips to resume trading on sub-resistance levels, head of capital market committee at the African Economic Council Ayman Fouda said

The benchmark EGX30 index is likely to retest 13,690 and 13,850 points if it settles above 13,500 points, Fouda highlighted, adding that the index has support at 13,420 and 13,330 points.

At the level of the small- and mid-cap EGX70 index, he indicated that it has a short-term resistance at 703 and 712 points, while it has support at 688 and 682 points.

Osama Naguib, head of technical analysis at Arab Finance Securities, said that sell-offs were weak yesterday which slowed the continuous decline.

He expected that the support levels of 13,500 and 13,400 points will see new purchasing powers to continue the positive correction movement and target 14,000 and 14,100 points.