For the second day in a row, Egypt's main index was in the red on Tuesday due to Arab selling, traders said. Arabs made net sell-offs worth LE61.6 million (around $10.6 million), they added. Locals made net purchases worth LE63.3 million, according to the Egyptian Exchange. The North African country's benchmark index EGX 30 shed 0.65 per cent to 7,154.7 points. The EGX 70, which measures 70 of the country's small and mid caps, added 0.2 per cent to 780.55 points. Commercial International Bank (CIB) fell by 1.26 per cent to LE44.58 per share. Orascom Construction Industries slipped by 0.18 per cent to LE289.66 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, shed 0.45 per cent LE4.41 per share. Volume hit LE816 million, according to the Egyptian Exchange. Meanwhile, world stocks firmed on hopes for a solid earnings season, while the euro hugged recent lows as the markets awaited the next day's debt auction in struggling Portugal, Reuters reported. European stocks rose in early trade, bouncing back from the previous session's losses, lifted by forecast-beating results from US aluminum major Alcoa. Alcoa unofficially began the earnings season after the Wall Street closing bell on Monday by posting a fourth-quarter profit that topped Wall Street forecasts. The FTSEurofirst 300 gained half a per cent. World stocks as measured by the Morgan Stanley Capital International (MSCI) were up 0.1 per cent with emerging markets gaining half a per cent. Japan's Nikkei closed down 0.3 per cent. Analysts said the prospect of solid corporate earnings was generally giving stock investors the room to look past eurozone debt concerns for the time being. "The focus is switching to companies' results this week, with earnings due from big US names such as JPMorgan, but the euro zone debt fears will remain in the backdrop and could continue to weigh on banking stocks," said Geraud Missonnier, trader at Saxo Banque in Paris. Banking stocks were among the top gainers on Tuesday, reversing recent losses. The euro steadied above a four-month trough, but the focus was on this week's heavy schedule of debt issuance by southern European countries. "The euro remains a sell on rallies," said Jeremy Stretch head of currency strategy at CIBC World Markets. The single currency was down slightly on the day at $1.2923. Higher-yielding euro zone issuers came under modest pressure and German Bunds were steady. Oil rose above $89 per barrel, paring early gains on expectations that a key Alaskan pipeline would resume operations within a few days. The 800-mile (1,280-km) Trans Alaska Pipeline, which carries oil from Alaska's North Slope, was closed after a leak was discovered on Saturday, shutting in flows equivalent to 12 per cent of US crude output. US crude for February was up 17 cents at $89.42 a barrel after trading as high as $89.67 at the start of the session. Officials said the Alaskan pipeline should reopen later this week. Producers in Alaska's Prudhoe Bay region have cut output by about 600,000 barrels per day (bpd) to just 5 percent of normal levels. Traders said they saw the closure of the pipeline as only a temporary support for oil prices. A bypass line at the affected area would allow the duct's operator, Alyeska Pipeline Service Co, to restart the system. Past shutdowns have generally been short-lived, and tanker shipments from Alaska's Valdez port have not yet been hit.
