Egypt's main index rose on Thursday, ending a three-day losing streal, traders said. The country's benchmark index EGX 30 gained 0.38 per cent, ending the week's trading at 7,156.28 points. Non-Arabs made net purchases worth LE35.5 million (around $6.1 million), while locals and Arab investors made net sell-offs worth LE18.4 million and LE35.1 million respectively, according to the Egyptian Exchange. The EGX 70, which measures 70 of the country's small and mid caps, was almost flat at 788.05 points. Commercial International Bank (CIB) added 1.01 per cent to LE44.11 per share. Orascom Construction Industries gained 0.77 per cent to LE291.38 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE4.4 per share. Volume hit LE1.2 billion, according to the Egyptian Exchange. Meanwhile, world stocks climbed to a new 28-month high despite weakness in Europe, while the euro held on to the previous session's gains as bond auctions in Spain and Italy went without a hitch. The bond auctions followed Wednesday's smooth sale of Portuguese debt and took the edge off concerns about the ability of debt-strapped eurozone issuers to fund themselves. Spain sold three billion euros of five-year bonds, raising the maximum amount targeted. The yield was higher than at a previous auction in November but lower than recent secondary market levels. "It's been successful, the most positive has been reaching the top end of the objective and the bid-to-cover ratio of 2.1 is higher than the previous auction," said Soledad Pellon, an analyst at IG Markets. "The success is due to national and international support and has been taken favorably by the markets." Italy's auction of seven billion euros of 5- and 15-year government bonds also went well, if anything slightly better than Spain's. Recent worries about the sustainability of the euro zone's debt-strapped economies have eased, partly because a European Union finance ministers meeting next week is likely to address new support mechanisms. Promises from China and Japan to support Europe through its fiscal crisis have also helped ease worries about the euro zone's financing troubles. One result has been a rebound in the euro from recent lows. It hit a one-month high against the Swiss franc on Thursday, for example, and was above $1.31, compared with recent trading below $1.29. "We're wary of positioning for euro downside too aggressively because there seems to be more and more news that Germany and France are going to push through some emergency resolution package," said Geoffrey Yu, currency strategist at UBS. Outside Europe, stocks were generally higher, lifted by the easing euro zone fears, an improving global economy and positive corporate earnings.
