Egyptian stocks rebounded on Tuesday, ending a four-day losing streak, traders said. Driven by a bullish sentiment, Arab investors lifted shares, pushing the country's main index 93 points up. Arabs made net purchases worth LE29.8 million ($5.2 million), traders added. The country's benchmark index EGX 30 gained 1.48 per cent, ending the day's trading at 6,375.57 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 1.05 per cent to 614.13 points. Non-Arab made net sell-offs worth 12.6 million ($2.2 million), while Arabs made net purchases of LE13.2 million. Orascom Construction Industries, Egypt's largest builder by market value, rose by 1.46 per cent, closing at LE253.8 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, jumped by 2.53 per cent to LE5.26 per share. EFG-Hermes, Egypt'a largest investment bank by market value, leapt by 2.44 per cent to LE28.13 per share. Volume totalled LE496 million, according to the Egyptian Exchange. Egypt's National Bank for Development (NBD) said its net loss widened 4.7 per cent in the first half of the year, Reuters reported. The bank reported a net loss of LE203.4 million in the period from December 31, 2009 to June 30, 2010, up from a loss of LE194.2 million in the same period last year. The bank did not give a reason for the loss. Total assets rose to 10.7 billion pounds from 10.1 billion. Loans to customers climbed to 506.5 million pounds from 242.3 million. The bank is changing its status to become Egypt's third Islamic bank after Faisal Islamic Bank and the Egyptian Saudi Finance Bank. Meanwhile, gold briefly touched its highest level in nearly two months, boosted by a weak dollar and expectations of further buying by investors concerned about financial stability and looking for perceived safe haven assets. Spot gold hit $1,227.60 -- its highest level since July 1, and was later bid at $1,226.65 an ounce at 1138 GMT, against $1,222.85 late in New York on Monday. US gold futures for December delivery rose 2.5 cents an ounce to $1,228.70. Japan's Nikkei average fell 0.4 per cent to its lowest close in more than eight months, with the yen holding onto gains against the dollar as mounting signs of weak economic growth dampened appetite for risk. But the Nikkei pared earlier losses after a government source told Reuters that Japanese Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa are likely to meet next Monday, sending dollar/yen slightly higher.
