Orascom Telecom (OT) pushed Egypt's main index EGX 30 more than 57 points up on Wednesday, traders said. OT, the largest Arab mobile operator by subscribers, jumped by 2.06 per cent to LE5.46 (around $1) per share, they added. The North African country's benchmark index EGX 30 rose by 0.87 per cent, ending the day's trading at 6,716.77 points. The EGX 70 index, which measures 70 of the country's small and mid caps, gained 0.66 per cent to 695.76 points. Volume hit LE935.6 million (around $170.7 million), according to the Egyptian Exchange. Non-Arabs made net purchases worth LE21.28 million. Orascom Construction Industries, Egypt's largest builder by market value, gained 0.84 per cent, closing at LE257.11 per share. In a related event, Egyptian appliance maker Olympic Group plans to invest 200 million Egyptian pounds ($36 million) over 2010 and expects the economic recovery to boost demand for consumer durables such as washing machines. The firm also wants to sell 25 per cent of output abroad by 2013, from ten per cent currently, and increase washing machine output capacity to 700,000 units from 400,000 in 2011, Chief Financial Officer Hussam el-Mestikawi told Reuters. Olympic Group, which specialises in making automatic washing machines, refrigerators, ovens, electric water heaters and other home appliances, has a partnership with Sweden's Electrolux. Olympic posted a 15 per cent drop in net profit for 2009 to LE156 million. Meanwhile, European shares fell and the euro sank to a ten-month low against the dollar after ratings agency Fitch downgraded Portugal, fuelling more concerns about the euro zone's stability. Eurozone government bond futures recovered early losses after Fitch cut its sovereign credit rating on Portugal by one notch to AA-, citing budgetary underperformance in 2009. Ongoing speculation that Greece may have a difficult time securing debt aid at an upcoming European Union summit also highlighted problems facing the euro system, and helped to push the single currency to a lifetime low against the Swiss franc. "The (stock) market was increasingly overbought so Portugal is a perfect excuse to book some profits," said Kenneth Broux, a market economist at Lloyds TSB in London. The euro fell more than one per cent on the day to $1.3345 according to Reuters data, hitting its weakest since May 2009 after the Fitch announcement. Analysts said the euro's weakness despite a stronger-than-expected reading of the Ifo Institute's survey of German business sentiment suggested strong downward momentum in the common European currency. The euro traded at 1.4280 Swiss francs, after sinking as low as 1.4232 on electronic trading platform EBS, its weakest since the single currency was launched in 1999.
