Cairo: The Egyptian Exchange (EGX) is likely to carry on the bearish trend on Thursday, analysts told Mubasher.

The EGX is expected to continue the downward trend during the last trading session of the week, head of capital market committee at the African Economic Council Ayman Fouda said.

The benchmark EGX30 index has a short-term resistance at 15,303 and 15,400 points, and has support at 15,050 and 14,900 points, Fouda highlighted.

He indicated that the small- and mid-cap EX70 index has a short-term resistance at 742 and 750 points, and has support at 728 and 720 points.

For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index will move in an upward direction in the long-term and it will move downwardly in the medium- and short-term.

He recommended investors to hold onto their stocks until the correction movement ends and the EGX30 breaks the nearest resistance level in the short-term to begin gaining accumulations and attract selective buying.

The EGX30 index has main support at 15,000, 14,675, and 14,500 points, while it has resistance at 15,470, 15,800, and 15,980 points.

Source: Mubasher

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