For the fifth day in a row, Egypt's main index rose on Tuesday as shares in Commercial International Bank (CIB) jumped by 3.6 per cent, traders said. CIB closed at LE46.59 ($8.1) per share, they added. The North African country's benchmark index EGX 30 gained 0.84 per cent, ending the day's trading at 6,996.34 points. The EGX 70, which measures 70 of the country's small and mid caps, shed 0.55 per cent to 749.11 points. Volume hit LE1.3 billion, according to the Egyptian Exchange. Real estate developer SODIC rose by 1.31 per cent to LE111.03 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, added 0.45 per cent to LE4.42 per share. Meanwhile, the dollar fell to a three-week low against the euro and Treasuries steadied, Reuters reported. Global stocks held near a two-year peak, supported by optimism over Chinese growth. Fed officials are expected to assess its latest $600 billion bond-buying program but not signal any shift in its buying intentions, even though a planned extension of tax cuts could provide a boost to the economy. "Markets have been breaking out into a higher range and now consolidating," Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin, said. "Investors are awaiting for the Fed for clues about the economy." The Morgan Stanley Capital International (MSCI) world equity index rose around a third of a per cent. The MSCI index is just below a two-year high set in November. The FTSEurofirst 300 index was down 0.1 per cent. Emerging stocks added half a per cent. Chinese stocks rose 0.1 per cent. A leading official newspaper reported China will probably target a limit of about 7.5 trillion yuan ($1.1 trillion) in new loans next year, an indication that policy could be slightly looser than expected. US crude oil rose 0.3 percent to $88.88 a barrel. US Treasury futures steadied in Asia after a turbulent session on Monday that took the benchmark 10-year bond yield to a six-month high of 3.39 per cent. Treasuries have suffered a sharp sell-off since news of a tax deal between President Barack Obama and Republican lawmakers sparked concerns over a widening federal budget gap while also boosting hopes for U.S. economic growth. The dollar fell 0.3 per cent against a basket of major currencies while the euro rose to a three-week high of $1.3475."The dollar is under pressure as Treasury yields, especially in the medium-term zone, have dropped quite significantly ahead of the FOMC meeting," said Gen Kawabe, manager at Chuo Mitsui Trust and Banking.
