CAIRO - Big caps pushed Egypt's main index more than one per cent up on Tuesday, traders said. Egypt's heavyweight Commercial International Bank (CIB) jumped by 2.11 per cent to LE31.02 ($5.2) per share, they added. EFG-Hermes, the country's biggest investment bank by market value, jumped by 3.52 per cent to LE22.03 per share. Orascom Construction Industries (OCI) added 0.38 per cent to LE285.08 per share. Locals made net purchses worth LE10.2 million ($1.7 million), according to Bourse data.Arab and non-Arab investors made net sell-offs worth LE2.3 million and LE7.8 million respectively. Volume exceeded LE645 million, according to Bourse data. The country's benchmark index EGX 30 rose by 1.14 per cent to 5,613.45 points. The broader indexes EGX 70 and EGX 100 gained 0.24 and 0.33 per cent to 655.32 and 1,017.67 points respectively, according to Bourse data. Telecom Egypt gained 1.17 per cent to LE15.59 per share. Palm Hills, the country's second biggest listed developer, slumped to a 2011 first quarter net loss of LE36.2 million, Reuters reported, citing the Egyptian Exchange. Plam Hills leapt by 3.27 per cent to LE2.53 per share. Palm Hills, which is taking a hit from political turmoil that swept president Hosni Mubarak from power and a widening graft probe against business executives linked with his administration, reported net profit of LE107.1 million a year earlier. Meanwhile Oriental Weavers, the world's biggest machine-woven carpet maker, reported a 15 per cent drop in first-quarter net profit. Consolidated net profit was LE82.3 million, down from LE97.1 million in the same period a year earlier, the Bourse said in a statement that gave no further details.
