Egyptian indexes ended mixed on Wednesday, traders said, citing a profit-taking sentiment that hit non-Arab investors. For the second day in a row, Egypt's main index EGX 30 was in the red, shedding 14.8 points, they added. The North African country's benchmark index EGX 30 fell by 0.22 per cent, ending the day's trading at 6,806.11 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 0.61 per cent to 715.2 points. Volume hit LE1 billion ($182 million), according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, was 0.37 per cent down, closing at LE263.9 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, was flat at LE5.6 per share. Egypt's Sewedy Cables that 2009 net profit dipped more than 23 per cent to LE633.6 million ($115 million), much lower than analyst expectations, according to Reuters. Revenue was LE9.29 billion, in line with consensus forecasts and lower than the LE11.45 billion recorded in 2008. Profit was LE828.4 million in 2008. Sewedy said the volume of cable sold rose 30 per cent to 135,415 tonnes while the average price fell 24 per cent. Meanwhile, world equities were flat on Wednesday, though they were headed for their fourth consecutive quarterly rise, while the dollar hit a three-month high against the yen and Greece's borrowing costs rose on supply plans. World stocks measured in Morgan Stanley Capital International (MSCI) All-Country World Index were flat, though the benchmark is set to post its best monthly rise since July last year and on track to register a fourth straight quarterly gain. The 2.7 per cent gain for world stocks in the first quarter of 2010 outpaces a 2 percent rise in emerging market shares for the same period. In Europe, the FTSEurofirst 300 index advanced 0.2 per cent. The benchmark is up 3.4 per cent this quarter, also on track for the fourth consecutive quarterly rise. "Markets were rocky at the peak of the Greek crisis, but now volumes have fallen again, the news flow has dried up, there is no catalyst," said Jacques Henry, an analyst at Louis Capital Markets in Paris. "Unless we get some sort of surprise on the macro data front, like with the payrolls this week, the market might move sideways for a bit." Tokyo's Nikkei average hit an 18-month intraday high before paring gains to end 0.1 per cent lower. The Japanese blue chip index gained 5.2 per cent in January-March.
