Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to resume the sideways-to-rising trend on Tuesday following the resumption of trading on Global Telecom Holding’s (GTH) stock.

The indices of the EGX have completed the temporary correction trend on Monday, head of the capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index is volatile and hovers around 15,000 points, Fouda noted.

The local bourse is expected to see a sideways-to-rising trend today as trading on GTH will be resumed, he said.

The EGX had decided to resume trading on GTH as of Tuesday, 19 March, after the company announced it was in talks was the Egyptian Tax Authority to resolve the tax debts case.

The EGX30 index may retest resistance at 15,150 and 15,260 points, Fouda indicated, adding that the index has support at 14,930 and 14,750 points.

He also noted that the small- and mid-cap EGX70 index has a short-term resistance at 705 and has support at 688 points.

For his part, Osama Naguib, head of technical analysis at Arab Finance Securities, said that the EGX would currently maintain the sideways trend.

The benchmark has resistance at 15,300 points and has main support at 14,800 and 14,600 points, Naguib highlighted.

He noted that the EGX30 index would carry on the upward trend in the short-term and any decline it faces is a correction as long as the index is above 14,100 points.