Egypt's main index EGX 30 shed more than 162 points on Sunday, traders said. Orascom Telecom, the largest Arab mobile operator by subscribers, plunged by 4.94 per cent to LE5.96 ($1.1) per share, they added. The North African country's benchmark index EGX 30 fell by 2.4 per cent, ending the day's trading at 6,606.81 points. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 3.81 per cent to 692.15 points. Volume hit LE851 million (around $156 million), according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, shed 0.88 per cent, closing at LE239.49 per share. In a related event, Egyptian appliance maker Olympic Group has posted a 15 per cent drop in net profit for 2009 to LE156 million, falling short of an analyst's forecast. CI Capital's Ingy El Diwany had forecast a net profit of LE202 million before adjustment for a 30 million-pound provision recorded by subsidiary Ideal in the fourth quarter. After adjustment, Diwany expected earnings to reach LE173 million, 9.8 per cent higher than the posted net profit. "The results are below our estimates," el-Diwany told Reuters. Olympic Group specialises in making automatic washing machines, refrigerators, ovens, electric water heaters and other home appliances. Meanwhile, Dubai's benchmark stock index rose the most in three months, leading gains in the Arab Gulf, as investor confidence rose on the possibility the government may back state-owned Dubai World, Bloomberg said. Shuaa Capital, the biggest investment bank in the United Arab Emirates, soared 11.5 per cent, the most in three months. Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, increased 9.6 per cent. Dubai Investment, the owner of stakes in more than 40 companies, gained 3.1 per cent. The Dubai Financial Market General Index advanced 3.7 per cent, the most since December 14, to 1,746.6 points. "One of the messages investors wanted to hear and got last week was that there's a possibility of a government guarantee," said Tareq Zohny, a Dubai-based trader at EFG-Hermes Holding SAE. Investors saw it as a sign that Dubai's troubles may be over, he said. The government is "always behind" Dubai World, Sheikh Ahmed Bin Saeed al-Maktoum, chairman of Dubai Supreme Fiscal Committee and the Chief Executive of Emirates Airline and Group, said in New Delhi on Friday. The government is separating "the bad business from the good business," he said. Dubai World, which is restructuring $26 billion in debt, will ask banks for permission to delay loan repayments when it presents a plan this month, said three bankers familiar with the negotiations on March 8. The company will present a restructuring proposal to its creditors after its advisers finish valuing company assets, a person close to the Dubai government said last month. Abu Dhabi's ADX General Index gained 1.2 per cent, and Qatar's benchmark stock index rose 0.9 per cent. The Kuwait Stock Exchange Index increased 0.4 per cent. Bahrain's gauge dropped 0.3 per cent and Oman's MSM30 Index dropped 0.1 per cent. On Friday, mixed economic reports held the stock market to only modest moves but gains for the week were strong. Uneven figures on retail sales and consumer confidence gave investors little new insight into the economy. The Dow rose 12.85, or 0.1 per cent, to 10,624.69. The broader S&P 500 index slipped 0.25, or less than 0.1 per cent, to 1,149.99. The Nasdaq composite index fell 0.80, or less than 0.1 per cent, to 2,367.66. It stands at an 18-month high. For the week, the Dow rose 0.6 per cent, the S&P 500 index rose one per cent and the technology-dominated Nasdaq climbed 1.8 per cent.
