Local retailers pulled Egyptian indexes down on Monday, traders said. Egyptian retailers made net sell-offs of LE89 million ($16.3 million), they added. The North African country's benchmark index EGX 30 fell by 0.49 per cent, ending the day's trading at 6,773.93 points. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 1.54 per cent to 707.5 points. Volume hit LE837 million, according to the Egyptian Exchange. In a related event, Egyptian ceramics company Lecico reported a net profit of LE28.7 million in the fourth quarter of 2009, a 90 per cent increase on the same period a year ago. Revenue reached LE267 million in the quarter, a 14 per cent rise, the company said yesterday. Lecico Egypt Chairman and CEO Gilbert Gargour said in a statement carried by Reuters that improved profitability in the firm's tile segment was the main driver in securing a one per cent rise in net profit for the full year to LE110.2 million. Meanwhile, hopes of progress this week on Dubai World $26 billion debt restructuring lifted stocks and eased fears of default but potential divisions emerged among creditors to the state-owned conglomerate. Dubai World could put its plan to a creditor coordinating committee that includes HSBC and Standard Chartered in London this week but was being delayed by efforts to value the assets of its Nakheel unit, builder of Dubai's palm-shaped islands, bankers said. While some of the 97 creditors expect to see the option of full repayment on the table, others are willing to take a 'haircut' in order to get some money back fast, bankers said. "We are not willing to take a big haircut ... in that case we would go back to the committee to see what our options are," said one Gulf-based banker, who asked not to be named. "Full repayment should be an option, timing is less of an issue." Dubai World shocked global markets in November, when it requested a standstill on its debt repayments and said it would come up with a restructuring plan. Easing fears about the US economy and European debt buoyed world equity markets, extending a rally that has taken many bourses into positive territory for the year. The Morgan Stanley Capital International's (MSCI) all-country world stock index was up half a percent, driven by strong performances in Japan and emerging markets. European shares were flat to higher. The world index was in the black year-to-date for the first time since January, apart from a brief blip on Friday. Friday's US data -- showing employers cut fewer jobs than expected last month and that consumers showed signs of shedding their penny-pinching behavior -- lifted sentiment.
