Local buying pushed Egyptian stocks up to a three-month high on Sunday, ending a two-day losing streak, traders said. Locals made net purchses worth LE4.5 million (around $760,000), according to Bourse data. Arab and non-Arab investors made net sell-offs worth LE3 million and LE1.5 million respectively. The country's benchmark index EGX 30 rose by 1.56 per cent to 5,628.09 points. The broader indexes EGX 70 and EGX 100 were also in the black, gaining 0.81 and 0.85 per cent to 659.83 and 1,019.64 points respectively. Volume exceeded LE621million, according to Bourse data. Egypt's heavyweight Commercial International Bank (CIB) added 1.39 per cent to LE31.27 per share. EFG-Hermes, the country's biggest investment bank by market value, jumped by 2.4 per cent to LE22.2 per share. Orascom Construction Industries (OCI) rose by 1.61 per cent to LE279.88 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, gained 2.9 per cent LE4.26 per share. On Friday, the Dow and S&P 500 rose after France and Germany outlined an agreement to aid debt-burdened Greece, according to Reuters. The Dow managed to close just above 12,000, but the S&P 500 barely squeaked out a gain for the week after six straight weeks of losses. The uncertainty surrounding a resolution of the debt crisis kept investors wary of committing more cash to equities. The Dow Jones industrial average rose 42.84 points, or 0.36 per cent, to end at 12,004.36. The Standard & Poor's 500 Index gained 3.86 points, or 0.3 per cent, to 1,271.50. But the Nasdaq Composite Index fell 7.22 points, or 0.28 per cent, to 2,616.48.
