Egypt's main index rose by 0.35 per cent on Tuesday as big caps were in the black, traders said. Locals and Arabs made net purchases worth LE93 million ($15.6 million) and LE13.6 million respectively, according to Bourse data. Non-Arab investors made net sell-offs worth LE106.7 million. Volume exceeded LE893.6 million, according to Bourse data. The country's benchmark index EGX 30 ended at 5,421.23 points. But the broader indexes EGX 70 and EGX 100 were in the red, falling by 0.62 and 0.29 per cent to 648.12 and 998.02 points respectively. Egypt's heavyweight Commercial International Bank (CIB) rose by 1.33 per cent to LE30.46 per share. EFG-Hermes, the country's biggest investment bank by market value, added 1.51 per cent to LE20.87 per share. Orascom Construction Industries (OCI) gained 0.42 per cent to LE269.02 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, slipped by 0.24 per cent LE4.24 per share. Alembic HC upgraded GB Auto Group to "neutral" from "underweight", citing a recovery in Egypt's passenger car market, according to Reuters. GB Auto, the country's biggest listed automobile assembler, rose by 0.41 per cent to LE31.57 per share. The brokerage, which cut the target price on the stock by three per cent to LE33.5 per share, expects continued weakness in the company's commercial vehicles business. Commercial vehicles, which was on the cusp of recovery, has been affected by the unrest that culminated in president Hosni Mubarak's resignation on February 11, and will be the slowest to recover due to weak tourism and corporate demand, HC said. HC added GB's Iraqi joint venture GK Auto, which generated 37 per cent of its first-quarter revenue, would offset weakness in the Egyptian market.
