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Non-Arabs push Egypt's bourse up

By-Reuters | 16 December 2010

Egypt's main index was in the black on Sunday as non-Arabs were driven by a bullish sentiment, traders said.

Non-Arabs made net purchases worth LE154.6 million ($26.7 million), they added.

Locals and Arabs made net sell-offs worth LE137.7 million and LE16.8 million respectively. 

   The North African country's benchmark index EGX 30 rose by 0.62 per cent, ending the day's trading at 6,916 points. 

   The EGX 70, which measures 70 of the country's small and mid caps, added 0.64 per cent to 756.34 points.

Volume hit LE951 million, according to the Egyptian Exchange.

   Commercial International Bank (CIB) jumped by two per cent to LE44.41 per share. Real estate developer SODIC leapt by 5.39 per cent to LE111.19 per share.

Orascom Telecom, the largest Arab mobile operator by subscribers, gained 0.23 per cent to LE4.34 per share.

   On Friday, US stocks rose, sending the Standard & Poor's 500 Index to the highest level since the week of Lehman Brothers' bankruptcy in 2008, according to Reuters.

General Electric boosted its dividend and reports on consumer confidence and the trade deficit beat forecasts.

   The S&P 500 rose 0.6 per cent to 1,240.40, extending its weekly advance to 1.3 per cent. The Dow Jones industrial average added 40.26 points, or 0.4 per cent, to 11,410.32.

   US stocks advanced even after China ordered lenders to park more money with the central bank for the third time in five weeks to counter the threat from inflation after November's lending and trade surplus topped analysts' estimates.

   Confidence among US consumers increased more than forecast in December to the highest level in six months at the same time Americans began stepping up holiday spending. 

 

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