CAIRO - Driven by local buying, Egyptian shares rebounded on Wednesday after two days of losses, traders said. Volume totalled LE1.9 billion ($319 million), they added. Locals and Arabs made net purchases worth LE125.7 million and LE1.5 million respectively. Non-Arab investors made net sell-offs worth LE127.3 million, according to Bourse data. The country's benchmark index EGX 30 rose by 1.17 per cent to 5,351.81 points. The EGX 70 index, which measures 70 of the country's small and mid caps, slipped by 0.05 to 639.28. The broader EGX 100 added 0.37 to 982.86 points. Egypt's heavyweight Commercial International Bank (CIB) gained 1.67 per cent to LE31.03 per share. EFG-Hermes, the country's biggest investment bank by market value, jumped by 7.33 per cent to LE21.24 per share. The Egyptian Financial Supervisory Authority has approved the plan to raise the capital of EFG-Hermes to LE2.1 billion from LE1.9 billion. Orascom Construction Industries slipped by 0.38 per cent to LE255.98 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE4.28 per share. Talaat Moustafa, the country's biggest listed builder, gained 1.19 per cent to LE4.25 per share. Egyptian appliance maker Olympic Group, set to be acquired by Sweden's Electrolux AB, posted a 33 per cent drop in first-quarter net profit, Reuters reported, citing the Egyptian Exchange. Net profit at the biggest appliance maker in the Middle East and North Africa fell to LE35.4 million from LE53.1 million a year earlier, the firm said. Sales dropped to LE395.8 million from LE649 million. Electrolux had a preliminary agreement to buy Olympic as part of a strategy to increase its footprint in emerging markets. Olympic shares rose by 1.13 per cent to LE38.47.
