Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) are expected to continue moving upwardly on Tuesday following the Coptic Christmas holiday.

The EGX is likely to start today’s trading session in green territory on the resumption of purchases on blue-chip stocks, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.

The benchmark EGX30 index is still seeing a short-term resistance at 13,470 and 13,550 points, and it has support at 13,260 and 13,150 points, Fouda highlighted.

Meanwhile, the small- and mid-cap EGX70 index may retest 705 points if it breaks resistance at 695 and 699 points, he added, pointing out that the index has support at 679 and 674 points.

For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that purchasing power will maintain emerging, pushing the EGX30 index higher to hover around 13,400 points.

Trading volume is still not high enough to ensure the positive performance of the EGX, Naguib added, noting that the local stock market may see a sideways trend.

The EGX is set to resume trading on Tuesday, 8 January, following the official holiday in celebration of the Coptic Christmas on Monday, 7 January.