For the second day in a row, Arab buying pushed Egyptian shares up on Thursday, traders said. Arabs made net purchases worth LE38 million ($6.4 million), they added. The country's benchmark index EGX 30 added 1.12 per cent, ending the week at 5,411.83 points. The broader indexes EGX 70 and EGX 100 were also in the black, gaining 0.13 and 0.44 per cent to 640.14 and 987.16 points respectively. Locals and non-Arab made net sell-offs worth LE30.2 million and LE8 million. Volume totalled LE884.5 million, according to Bourse data. Egypt's heavyweight Commercial International Bank (CIB) added 0.81 per cent to LE31.28 per share. EFG-Hermes, the country's biggest investment bank by market value, rose by 0.8 per cent to LE21.41per share. Ezz Steel gained 0.66 per cent to LE10.67 per share. Talaat Moustafa, the country's biggest listed builder, jumped by 4.24 per cent to LE4.43 per share. Orascom Construction Industries added 0.51 per cent to LE255 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, rose by 1.17 per cent LE4.33 per share. Mobinil rose by 0.71 per cent to LE143.72 per share. Manwhile, Egypt's third-biggest listed developer SODIC posted a wider net loss in the first quarter, when an uprising shook the economy and some sales were cancelled, but said it was on track to complete its projects, according to Reuters. The high-end real estate firm, which does not fully recognise revenues until it delivers units, made a net loss of LE16.1 million ($2.7 million), compared to a loss of LE10.9 million in the same period last year. Egypt's property sector has been a major driver of foreign investment and growth but is now reeling from a string of legal rows over state land sales. Business has been dampened by a slowdown in the economy after months of political turmoil. The firm said it had LE816 million of cash in the bank and bank debt of LE132 million, LE90 million of which is in Egypt. The firm also owes 154 million in land dues to be paid over the next five years, it said.
