For the fourth day in a row, Egyptian stocks were in the black as bullish sentiment hit foreign investors, traders said. Arab and non-Arab investors made net purchases worth LE6.6 million ($1.2 million) and LE38.9 million respectively, they added. Locals made net sell-offs worth LE45.5 million, according to the Egyptian Exchange. The North African country's benchmark index EGX 30 gained 0.95 per cent to 6,828.65 points. The EGX 70, which measures 70 of the country's small and mid caps, jumped by 1.15 per cent to 692.5 points. Orascom Telecom, the largest Arab mobile operator by subscribers, added 0.23 per cent to LE4.35 per share. Commercial International Bank rose by 0.59 per cent to LE42.65 per share. Orascom Construction Industries gained 1.5 per cent to LE275.04 per share. On Friday, US stocks rose for the fifth straight week as investors took heart from Republican gains in the elections and on news that more cheap money from the Federal Reserve was on the way, according to Reuters. Following a 3.6 per cent rise in the S&P 500 this week, investors locked in profits on Friday, offsetting an unexpectedly strong payrolls report that reinforced optimism about the economy. The market closed slightly higher. The Dow Jones industrial average edged up 9.24 points, or 0.08 percent, at 11,444.08. The Standard & Poor's 500 Index added 4.78 points, or 0.39 per cent, to 1,225.84. The Nasdaq Composite Index rose 1.64 points, or 0.06 per cent, to 2,578.98. The S&P 500 has risen about 16 per cent since September and indexes surged to two-year highs on Thursday, but investors began to question how long the upward trend could continue without a breather. In a technical barrier, the 61.8 per cent retracement of the slide in the S&P 500 from the historic highs in 2007 to the lows in March 2009 is 1,228.74, near Friday's session high of 1,227.08. After the closing bell, Boeing Co fell 2.5 per cent to $69.51 in extended trading on an Aviation Week report that said the Dow component expects delivery delays of its 787 aircraft.
