CAIRO - Spearheaded by non-Arab buying, Egyptian shares rose on Wednesday, traders said. Non-Arabs made net purchases worth LE44.3 million ($7.7 million), they added. The North African country's benchmark index EGX 30 added 0.11 per cent to 6,837.19 points. The EGX 70, which measures 70 of the country's small and mid caps, gained 0.5 per cent to 688.13 points. Locals and Arabs made net sell-offs worth LE25.8 million and LE18.5 million respectively. Commercial International Bank (CIB) shed 0.61 per cent to LE42.49 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE4.24 per share. EFG-Hermes, the country's largest investment bank by market value, jumped by 2.56 per cent to LE34 per share. In a related event, Al Baraka Egypt Bank posted a 16 per cent increase in net profit during the first nine months of this year to LE95.9 million ($16.7 million), Reuters reported, citing the Egyptian Exchange. It made a net profit of LE82.9 million in the first nine months of 2009. The unit plans to issue a sukuk to raise up to $150 million next year, the group said last month. Meanwhile, world stocks and copper prices fell on concerns about softening demand from China after slower-than-expected import data. The dollar recovered further and hit its highest level in two weeks. Borrowing costs for Ireland rose to a euro lifetime high after a clearing house raised margin requirements for Irish debt, highlighting nervousness about the country, which is struggling to pass the first of four austerity budgets next month. Data showed Chinese October import growth was slower than expected, indicating softening domestic demand. China, a major engine of global growth, has also raised required reserves for its biggest banks to mop up some of the cash that is streaming into the country and posing a growing inflationary threat, following a fresh round of money-printing by the US Federal Reserve. The move fueled worries that Chinese authorities may further try to cool economic expansion. "Growth in China imports has slowed down, that will be a bit of a concern for the market," Heino Ruland, strategist at Ruland Research in Frankfurt, said. "But earnings have been better than expected and any dip could be a buying opportunity." Stock markets in Hong Kong and China fell, while world equities measured by the MSCI All-Country World Index lost 0.5 per cent. Japan's Nikkei average rose 1.4 per cent to its highest close in more than four months, buoyed by financial shares.
