By: Heba El-Kordy

Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry over into the sideways trend this week and to retest 13,500 for the third time this month.

The EGX is still expected to perform positively in the coming period as the benchmark EGX30 index may retest resistance at 13,500 this week, branch manager of Osool ESB Securities Brokerage Saeed El Feki told Mubasher.

If the EGX30 index retested 13,500 points for the third time this month, it could hover around 14,000 points, El-Feki added.

He pointed out that the current low prices of stocks do not represent their actual performance, which is a good opportunity for investment in the coming period.

As for the small- and mid-cap EGX70 index, El Feki said it has resistance at 682 points and it may jump to 700 points in the coming period.

For his part, branch manager at Mubasher Financial Services (MFS) Safwat Abdel Naeem said that the local bourse lack purchasing power as the EGX30 index failed to break 13,500 points last week.

The indices of the EGX are expected to see a mixed performance this week amid the growing gap between the bottom level and support at 13,200 and 13,700 points, Abdel Naeem indicated.

He advises investors to temporarily sell or incline to profit-taking and trading near 13,200 points.

Additionally, he expected the EGX70 index to test 670 and 983 points this week.

It is worth noting that the EGX ended the third week of 2019 on a mixed note at 13,482.99 points.

Translated by: Mai Ezz El-Din