Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the positive performance amid continued purchases.

The sideways trend will dominate the EGX until purchasing momentum resume pushing blue-chip stocks towards main resistance levels, head of capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index has a short-term resistance at 13,580 and 13,670 points, and has support to 13,300 and 13,223 points, Fouda highlighted.

Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 695 and 699 points, and has support to 682 and 677 points, he added.

For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX30 index moved upwardly as selling weakened for two trading sessions in a row after the index was hovering around 13,400 and 13,500 points.

Naguib noted that the medium-term positive signals will support the EGX30 to break 13,400 points and move towards 13,750 and 14,100 points.