Egyptian indexes ended mixed on Wednesday as retailers were driven by a bearish sentiment, traders said. Non-Arabs helped push the country's EGX 70 index, which measures 70 of the country's small and mid caps, to add 0.71 per cent to 780.06 points. The North African country's benchmark index EGX 30 fell by 0.19 per cent, ending the day's trading at 6,933 points. Volume hit LE1.3 billion ($237 million), according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, plunged by 1.85 per cent, closing at LE256.35 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, rose by 1.18 per cent to LE6.85 per share. Meanwhile, world stocks rose and Greece's borrowing costs fell on the prospects of a Greek bailout, while safe-haven German government bond prices dipped and the euro eased after the previous session's hefty gains. World equities measured in the Morgan Stanley Capital International (MSCI) All-Country World Index rose 0.4 per cent, with the pan-European FTSEurofirst 300 index rising 0.7 per cent and Athens' benchmark up four per cent. In Asia, Japan's Nikkei average put on 0.3 per cent. A senior German coalition source said on Tuesday that European governments have agreed in principle to help heavily indebted Greece. However, a German government spokesman said a decision had not yet been reached. The news also boosted the appeal for lower-rated euro zone government bonds, with the premia investors demand to hold them easing. The Greek/German ten-year government bond yield spread narrowed 44 basis points to 276 bps -- its tightest in three weeks, and the cost of insuring against a sovereign debt default by Greece, Spain, Portugal and Italy dropped. Some analysts said the effort to help Greece by European countries was positive for the financial markets, but Athens needed to take action to fix its financial problems. "It's highly unlikely that there will be any decisive bailout in the form of debt guarantees for Greece or any of the other peripheral economies. The onus is still very much on the Greeks to make necessary adjustments," said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. The euro eased 0.2 per cent against the dollar at $1.3756 after gaining one per cent on Tuesday.
