Egyptian stocks fell on Thursday as a bearish sentiment overwhelmed investors, traders said. The country's big caps were all in the red, they added. Egypt's benchmark index EGX 30 shed 0.91 per cent, ending the week's trading at 4,937.06 points. The broader indexes EGX 70 and EGX 100 fell by 0.54 and 0.67 per cent to 605.16 and 928.22 points respectively. Volume totalled LE523.6 million ($87.8 million), according to Bourse data. Talaat Moustafa, the country's biggest listed builder, shed 1.5 per cent to LE3.29 per share. EFG-Hermes, the country's biggest investment bank by market value, fell by 0.64 per cent to LE18.49 per share. Egypt's heavyweight Commercial International Bank (CIB) rose by 0.58 per cent to LE27.83 per share. Mobinil fell by 1.22 per cent to LE139 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, plunged by 2.43 per cent LE4.02 per share. Orascom Construction Industries fell by 1.3 per cent to LE238.78 per share. Meanwhile, the European Central Bank (ECB) kept eurozone interest rates on hold as expected leaving markets focused on whether Jean-Claude Trichet will flag a June hike by declaring the bank is in a state of "strong vigilance." The bank left rates at 1.25 per cent at its monthly meeting, having raised them in April to end two years of crisis-induced record low interest rates. Almost all economists in run up to the meeting had expected the decision. The euro and Bund futures were little changed afterwards. The euro showed little reaction after ECB's left interest rates on hold as expected. The yen shot higher as investors slashed exposure to riskier assets, sparking concern about possible further intervention if the Japanese currency continues to rise sharply. The Australian dollar slid around 0.9 percent to a two-week low of $1.0652 and tumbled more than 1.5 percent to 84.82 yen, a five-week low. Earlier weak Australian retail sales data helped weigh on the higher-yielding currency. Disappointing results from European banks dragged stocks lower. World stocks as measured by MSCI were down almost a third of a per cent, particularly dragged down by Europe. The FTSEurofirst 300 lost more than three-quarters of a per cent after falling 1.4 per cent on Wednesday, hurt then by weak US economic data, concern over China's growth outlook and forecast-lagging company earnings. British bank Lloyds fell 8.6 per cent after it suffered a 1.1 billion hit in Ireland and said it will take a 3.2 billion pound ($5.3 billion) provision to cover it for losses from the mis-selling of protection insurance. Societe Generale, France's second-biggest listed bank, lost 4.2 per cent after first-quarter results missed expectations.
