BusinessEgypt

Stock market continues to decline

Stock indexes continued to decline by the end of Tuesday's trading session as Arab and foreign investors' purchases failed to balance sales by Egyptian investors. 
 
The market will continue to decline due to profit taking after it witnessed a rise, which must be followed by a decline for correction, according to traders. 
 
The main EGX30 index fell by 0.19 percent to hit 8,150.09 points, the small and medium EGX70 declined by 0.55 percent to reach 603.13 points and the broader EGX100 index fell by 0.48 percent to stop at 1,055.6 points. 
 
The value ‚Äčand volume of trading declined significantly to hit LE780.8 million. Market capitalization lost LE1.9 billion, recording LE474.4 billion at the end of the trading session. 
 
"The market has been suffering significantly from poor liquidity and purchasing power for more than four weeks after the sharp decline it witnessed at the end of last month," stock market expert Mohamed Shaarawy said. 
 
"Some stocks have been subject to selective assembly operations by institutions and investment funds, but this could not boost the market," he added.
 
Edited translation from Al-Masry Al-Youm

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