CAIRO - For the second day in a row, Egypt's main index was in the black on Wednesday as local and non-Arab investors were driven by a bullish sentiment, traders said. Locals and non-Arabs made net purchases woth LE20.4 million ($3.5 million) and LE171.6 million respectively, they added. Arabs made net sell-offs worth LE192 million. The North African country's benchmark index EGX 30 added 0.14 per cent to 7,210.41 points. The EGX 70, which measures 70 of the country's small and mid caps, shed 0.5 per cent to 753.51 points. Orascom Construction Industries fell by 0.11 per cent to LE291.37 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, gained 0.46 per cent LE4.34 per share. Commercial International Bank (CIB) slipped by 0.8 per cent to LE45.88 per share. Volume hit LE1.1 billion, according to the Egyptian Exchange. Meanwhile, commodity prices fell for a second day in a row, hurt by profit-taking and a stronger dollar and putting pressure on world equity markets. Oil, which had only a few days ago looked to be heading to $100 a barrel again, hovered below $89 a barrel. A number of market moves were put down to investors adjusting positions following end-of-year balancing of portfolios. Prices of both commodities and equities remained around at multi-year highs. Investors were also eyeing US jobs data due on Friday for confirmation that the world's largest economy is recovering, a key factor in recent equity rallies. "There is some optimism with regards to the US economy, but that is mixed with concerns over where Europe is going in the short- to medium-term. We are likely to remain very data sensitive," said Keith Bowman, equity analyst at Hargreaves Lansdown. World stocks as measured by the Morgan Stanley Capital International (MSCI) were down 0.4 per cent, but still within a few points of highs last seen in the third quarter of 2008. Europe's FTSEurofirst 300 was down 0.7 per cent. Earlier, Japan's Nikkei closed down nearly 0.2 per cent after hitting a seven and half month closing high on Tuesday. Stocks related to commodities were helping pull the bourses off their highs. The dollar took some of the blame for the commodities' slide, holding firm on hopes for US economic recovery. Market players said the dollar's rise and the partly related drop in commodities this week have been riven by position unwinding. "The move over the past two weeks was somewhat exaggerated, having taken place in thin liquidity. With liquidity now coming back on stream, the markets are now reassessing some of the moves," said Sue Trinh, strategist at RBC Capital Markets.
