Cairo-Mubasher: The Egyptian Exchange’s (EGX) indices declined on Tuesday, with the market capitalisation rising by nearly EGP 1.24 billion ($158 million).

EGX30 edged down 0.67% or 48.57 points to close below the 7,250 level at 7,203.86 pts.

Ahmed Thabit, a technical analyst at Tycoon Securities, said the market failed to complete its rally started on Monday, as it closed Tuesday below the 7,230 level.

Despite Tuesday’s decline, the market is still able to consolidate above the 7,000 mark, the analyst told Mubasher, adding that the index is still targeting 7,450-7,500 pts in the next period amid forecasts of strong liquidity.

EGX50 lost 0.22% to 1,230.85, and EGX70 dropped 1% to 388.46 pts. In addition, EGX100 was down 0.27% at 835.44 pts.

Turnover reached EGP 429.9 million, after around 182 million shares changed hands.

Thabit said liquidity declined compared to its level on Monday, but it is still ‘good’, especially amid expectations that the liquidity will be focused on small and medium-sized stocks in the next period.

Out of the 169 stocks traded today, 97 declined, 38 advanced and 34 kept flat.

Translated by Abdul Maguid Aboshahla