Egypt's main index gained 99 points on Sunday as shares in Orascom Telecom soared by five per cent, traders said. Orascom Telecom, the largest Arab mobile operator by subscribers, closed at LE4.41 ($0.77) per share, they added. Arab and non-Arab investors made net purchases worth LE38.5 million and LE58 million respectively, according to the Egyptian Exchange. Locals made net sell-offs worth LE96.5 million. The North African country's benchmark index EGX 30 added 1.46 per cent, ending the day's trading at 6,924.79 points. The EGX 70, which measures 70 of the country's small and mid caps, jumped by 1.47 per cent to 708.7 points. Egyptian Resorts Company leapt by 5.1 per cent to LE2.06 per share. Orascom Construction Industries jumped by two per cent to LE277.63 per share. EFG-Hermes, the country's largest investment bank by market value, rose by 0.66 per cent to LE35.15 per share. Commercial International Bank (CIB) gained 0.42 per cent to LE42.57 per share. On Friday, US semiconductor shares rallied as robust revenue from Marvell Technologies buoyed the sector, but the market ended flat for the week as investors backed away from a strong autumn advance, according to Reuters. The major US stock indexes finished little changed after China's central bank raised bank reserve requirements for the second time in two weeks, stepping up its fight to rein in prices in a move that could temper growth. The S&P 500 was just below 1,200, an important psychological level, and analysts said if it fails to break above that mark convincingly, the index could trade in a tight range for the rest of the year. Volume was light as strength in the materials and tech shares offset earlier selling. On the Nasdaq, Marvell Technologies Group Ltd rallied 6.1 per cent to $20.09 after its revenue topped expectations. The Dow Jones industrial average added 22.32 points, or 0.20 per cent, to 11,203.55. The Standard & Poor's 500 Index .SPX edged up 3.04 points, or 0.25 per cent, at 1,199.73. The Nasdaq Composite Index put on 3.72 points, or 0.15 per cent, to 2,518.12. After a nearly 13 per cent run-up in September and October, the S&P 500 has slipped 2.1 per cent in the last two weeks on concerns of tightening in China and debt woes in Europe. For the week, indexes were flat with the S&P inching up 0.04 per cent, the Dow adding 0.1 per cent, and the Nasdaq off 0.004 per cent. In a potentially positive sign, the S&P managed to break above its 20-day moving average after slipping below it earlier in the week.
