Retail and Arab selling pulled Egyptian stocks down on Tuesday, traders said. Motivated by profit-taking, Egypt's main index EGX 30 ended a four-day gaining streak, shedding 34 points, they added. Egyptian retailers and Arab investors made net sell-offs of LE15.7 million ($2.8 million) and LE41.3 million respectively, they added. The North African country's benchmark index EGX 30 fell by 0.5 per cent, ending the day's trading at 6,820.93 points. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 0.71 per cent to 710.86 points. Volume hit LE942.5 million, according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, was 0.87 per cent down, closing at LE264.89 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, fell by 1.41 per cent to LE5.6 per share. Swiss-based Orascom Development posted 2009 net profit of 139 million Swiss francs ($131 million), compared to 116 million francs a year ago, Reuters reported. The firm, which is also listed in Egypt, said its revenue for the year was 586 million francs, compared to 568 million in 2008. Meanwhile, Egypt's Raya Technology and Communication made a net profit of LE41.3 million, down 23 per cent on a year earlier. The firm, which sells mobile handsets, runs call centres and provides outsourced IT services, made LE53.4 million in 2008. World stocks edged closer to an 18-month peak as a weak dollar-inspired rally in commodities and evidence of a recovery in US consumption spurred buying in risky assets. The dollar fell to its lowest in almost a week against a basket of currencies, hit in part by a rising euro after Greece managed to raise five billion euros from the debt market on Monday. Oil rose above $82 a barrel while mining shares rose broadly in Europe. "Risk tolerance seems to be improving gradually, given firm stocks and commodity prices as well as a temporary easing of concerns about Greece," said Tomohiro Nishida, treasury department manager at Chuo Mitsui Trust and Banking in Tokyo. Morgan Stanley Capital International (MSCI) world equity index rose 0.4 per cent to its highest since early January. Just a few points more rise in the index will bring it to levels seen just after the collapse of Lehman Brothers in September 2008. The index, however, has risen only three per cent this year.
