Technical analysts predicted that the benchmark index EGX30 at the Egyptian Exchange (EGX) would move sideways, between 8,000 and 8,500 points, after it failed to maintain stability above the resistance level of 8,500 points during last week. EGX30 fell by 2.86% last week to close at 8,277.2 points at the end of the week, compared to 8,505.12 points. He predicted that EGX30 will keep moving between 8,000 and 8,500 points during most of the sessions this week. El-Saeed pointed out that the benchmark index may exceed 8,500 points, in case the foreign exchange rate was changed. He added that the small and medium index EGX70 will try to take advantage of the support level at 330 points this week.

Source: Daily News Egypt October 22, 2016 15:22 UTC