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Egypt's bourse slightly down

By-Reuters | 21 July 2011

CAIRO - For the second day in a row, Egyptian shares were mixed on Wednesday, traders said. The country's benchmark index EGX 30 fell slightly by 0.04 per cent to 5,142.45 points, according to Bourse data.

 The broader indexes EGX 70 and EGX 100 added 1.07 and 0.69 per cent to 639.48 and 964.08 points. 

   Non-Arabs made net sell-offs worth LE31.3 million ($5.3 million), according to Bourse data. Locals and Arabs made net purchses worth LE9.4 million and LE21.8 million. Volume hit LE500 million, according to Bourse data.
   Egypt's heavyweight Commercial International Bank (CIB) was flat at LE27.02 per share. EFG-Hermes, the country's biggest investment bank by market value, lost 2.4 per cent to LE20.36 per share. 
   Orascom Construction Industries gained 1.13 per cent to LE269.52 per share. OCI's board approved buying back about 675,000 shares trading in Cairo or London from July 26 to August 25, to support the stock price. The company purchased 440,000 shares trading in London last month, according to Bloomberg. 
Orascom Telecom, the largest Arab mobile operator by subscribers, shed 1.27 per cent LE3.9 per share.
   Globally, strong company results and hopes for a settlement in the US debt ceiling row boosted global equities while the euro rose on hopes for a scheme to address the Greek debt crisis, Reuters reported.
   Gold retreated from a record high of $1,609.51 hit on Tuesday, but was still well toward the top of recent trading levels. It has been boosted by both the U.S. and European debt fears.
   "It's important that there are slightly more positive tones coming out of Capitol Hill, at least averting an immediate issue with their debt ceiling," said Lothar Mentel, chief investment officer at Octopus Investments.
"We're within the trading range, driven by good and bad news. The U.S. earnings season will be a positive catalyst and gives us more perspective, compared to the worries and concerns about the euro zone debt crisis."
   The euro climbed around 0.6 per cent against the dollar on increased belief that a solution to the Greek debt crisis might be on the table.
   The EU is said to be considering enabling the euro zone bailout fund to recapitalize the banks and let its special EFSF bailout fund buy bonds in the secondary market. A levy on banks has also been proposed.
   French Finance Minister Francois Baroin said the summit needed to send a "strong message" and that views among leaders were less divergent than media were reporting, after German Chancellor Angela Merkel said hopes for a single plan to solve Greece's crisis were unrealistic.
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