CAIRO - Big caps pulled Egypt's main index down on Monday, traders said. The North African country's benchmark index EGX 30 slipped by 0.13 per cent to 7,073.12 points on profit-taking. But the EGX 70, which measures 70 of the country's small and mid caps, added 1.04 per cent to 749.04 points. Commercial International Bank (CIB) fell by 1.01 per cent to LE45.92 ($7.9) per share, they added. Orascom Construction Industries dipped by one per cent to LE282.2 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE4.26 per share. Real estate SODIC shed 1.12 per cent to LE106.35 per share. Volume hit LE695 million, according to the Egyptian Exchange. Meanwhile, European shares rose in the first trading session of 2011, led by German automaker Porsche, while the euro fell against the dollar on concerns the eurozone sovereign debt crisis could resurface soon, according to Reuters. German government bond futures rose but pared earlier gains as stocks bounced and after stronger-than-expected eurozone manufacturing data. "Sentiment is positive and that is mainly because of the seasonality. Money managers typically get some new inflows at the start of a year and they put them to work," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets. With markets in Britain and parts of Asia closed, trade was very thin. The FTSEurofirst 300 index of top European stocks was 1.17 per cent higher at 1,134.84. Porsche rose nearly 15 per cent after a US judge dismissed a lawsuit by hedge funds seeking more than $2 billion in damages. Analysts said equity markets were expected to remain volatile in 2011 as issues including the eurozone debt crisis resurfaced. The euro dipped against the dollar, with traders and analysts warning that the eurozone debt crisis, and the year's first sovereign debt auctions in the bloc, could weigh on the single currency. "Bond market spreads could be a bit of a burden for the euro," said Lutz Karpowitz, senior currency strategist at Commerzbank in Frankfurt. The euro was last at $1.3315, down 0.4 per cent, but off its lows after higher European shares boosted sentiment. The dollar index, which measures the greenback against a basket of currencies, was up 0.4 per cent.
