Big caps pushed Egypt's main index 104.7 points up on Monday, traders said. Orascom Telecom jumped by 2.07 per cent to LE5.43 ($0.95), its highest level since June 21, they added. EFG-Hermes, Egypt's largest investment bank by market value, rose by 1.95 per cent to LE28.74 per share. Orascom Construction Industries, Egypt's largest builder by market value, inched up 1.41 per cent, closing at LE255.05 per share. Arab and non-Arab investors made net purchases worth LE14.2 million and LE46.6 million respectively. Local investors made net sell-offs worth LE60.87 million. The North African country's benchmark index EGX 30 ended the day's trading at 6,486.06 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 0.81 per cent to 615.54 points. Volume hit LE667 million, according to the Egyptian Exchange. Meanwhile, world stocks stabilised just above last week's one-month low as an encouraging eurozone business survey and positive corporate merger activity news helped ease concerns about a global economic slowdown, according to Reuters. Mining shares gained as financial markets bet Australia's inconclusive weekend elections would lead to a change of government which would spell the end to a plan to impose tax on major iron ore and coal mines. In Asia, a wave of mergers is boosting values as acquirers leverage on relatively lower valuations and cheap funding costs to buy companies. An estimated $58 billion worth of mergers involving Asian companies were playing out during the day. Positive corporate news helped ease concerns that a renewed spike in U.S. unemployment may force the Federal Reserve to implement additional monetary easing. "In terms of a positive trend we have some more M&A speculation but that doesn't seem to have lit the touch paper in terms of the market," Richard Hunter, head of UK Equities at Hargreaves Lansdown Stockbrokers said. "It's a continuation of the August theme of light volumes and fragile sentiment." Morgan Stanley Capital International (MSCI) world equity index rose 0.1 per cent after hitting a one-month low last week. The FTSEurofirst 300 index was up 0.3 per cent. Emerging stocks were steady on the day. The Australian dollar briefly hit a one-month low of $0.8833 after neither of the major parties in Australia won an overall majority in Saturday's election to form a government, leaving the country facing its first hung parliament in 70 years. The dollar was down around 0.1 per cent against a basket of major currencies. The yen rose a quarter percent to 85.35 per dollar, which in turn weighed on Tokyo stocks. Japanese Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa discussed the yen and agreed to work closely in a phone conversation, disappointing those who had expected a bolder policy response after the yen's surge to 15-year highs beyond 85 earlier this month.