For the fourth day in a row, Egypt's main index rose on Monday, traders said. Arabs and non-Arabs were driven by a bullish mood, netting LE45 million ($7.8 million) and LE83.5 million in purchases, they added. Locals made net sell-offs worth LE196.9 million. The North African country's benchmark index EGX 30 added 0.32 per cent, ending the day's trading at 6,938.3 points. The EGX 70, which measures 70 of the country's small and mid caps, shed 0.41 per cent to 753.25 points. Volume hit LE905.8 million, according to the Egyptian Exchange. Commercial International Bank (CIB) added by 1.26 per cent to LE44.97 per share. Real estate developer SODIC fell by 1.44 per cent to LE109.59, after jumping by 5.39 per cent on Sunday. Orascom Telecom, the largest Arab mobile operator by subscribers, rose by 1.38 per cent to LE4.4 per share. Meanwhile, selling pressure on 10-year US Treasuries drove yields to fresh six-month highs as investors threatened to undo this year's bond rally on signs of global economic recovery and deeper US deficits, according to Reuters. World shares climbed with gains in Japan and Europe, adding to an end-of-year rally. Chinese shares posted their biggest gains in two month as fears of interest rate increases dissipated. The dollar rose against a basket of major currencies, lifted by prospects for higher returns on US assets. US Treasury yields were up around four basis points to around than 3.367 per cent, having earlier hit levels not seen for six months. Investors have also begun reappraising the likelihood of further bond-buying by the US Federal Reserve after its current $600 billion quantitative easing program is completed. "If the market really thinks there will be a rate hike within a year, then the two-year yield could rise near 1 percent," said Tomoaki Shishido, a fixed-income analyst at Nomura Securities in Tokyo, adding that he did not believe there would be such as rate rise. The euro was again a victim of the concern, falling 0.1 per cent to just above $1.32. The shared currency has come under additional pressure from expectations that US assets will yield higher returns. Currency speculators trimmed short positions against the dollar last week but more than doubled their bets against the euro, according to data from the Commodity Futures Trading Commission, signaling growing bearishness on the currency.
