CAIRO - Tracking global markets, Egypt's main index shed 102 points, or 1.57 per cent, on Wednesday as Arabs were driven by a bearish sentiment, traders said. Arab investors made net sell-offs worth LE38.3 million ($6.7 million), they added. The North African country's benchmark index EGX 30 ended the day's trading at 6,404.81 points. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 1.48 per cent to 601.03 points. Volume hit LE534 million, according to the Egyptian Exchange. EFG-Hermes, Egypt's largest investment bank by market value, dipped by 1.35 per cent to LE28.49 per share. Orascom Telecom plunged by 1.64 per cent to LE5.4 per share. Orascom Construction Industries, Egypt's largest builder by market value, fell by 1.56 per cent, closing at LE249.99 per share. Meanwhile, the dollar was up 0.7 per cent at 84.56 yen, though it was down 0.2 per cent against a basket of currencies, according to Reuters. The yen also fell from a nine-year peak against the euro. However, Tokyo's Nikkei average lost 1.7 per cent to hit a 16-month closing low on disappointment over the lack of policy action by the authorities to rein in the strong yen, which threatens a fragile economic recovery. Illustrating the concerns over global growth, miner BHP Billiton said it was cautious on the short-term outlook and that the economy in China, its biggest customer, would slow from recent highs. World equities measured by the Morgan Stanley Capital International (MSCI) All-Country World Index dropped 0.2 per cent for the fifth straight session. Europe's FTSEurofirst 300 drifted 0.1 per cent higher, aided by Germany's Ifo results. "The strong corporate earnings we got during the summer had eclipsed the euro zone's sovereign debt fears in investors' minds, but this downgrade is a reminder that the problems have not gone away," said Christian Jimenez, fund manager and president of Diamant Bleu Gestion in Paris. Yields on benchmark 10-year German Bunds were up 2 bps at 2.206 percent, while those on 10-year U.S. Treasuries were up 2 bps at 2.5163 percent. Oil prices rebounded 0.9 per cent to trade above $72 a barrel and copper also recovered from a 1.6 per cent drop on Tuesday following a record fall in U.S. existing home sales.
