For the fourth day in a row, Orascom Telecom (OT) led Egypt's main index EGX 30 up to 7,248.61 points on Thursday, its highest level since October 26, 2009, traders said. The EGX 30 gained 385 points over the past three trading sessions, hitting a five-month high, they added. OT, the largest Arab mobile operator by subscribers, rose by 7.14 per cent to LE6.45 ($1.2) per share. The North African country's benchmark index EGX 30 rose by 1.49 per cent. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 0.22 per cent to 743.61 points. Volume hit LE1.5 billion, according to the Egyptian Exchange. Orascom Construction Industries, Egypt's largest builder by market value, slipped by 0.77 per cent, closing at LE273.47 per share. The average yield on Egyptian 364-day treasury bills declined to 10.293 per cent at an auction yesterday, compared with 10.436 per cent at the last auction on March 25, according to Reuters. The Central Bank of Egypt (CBE) said it accepted bids for bills worth LE3 billion, the same amount it was seeking. It accepted bids at rates between 10.2 and 10.34 per cent, versus 10.39 to 10.5 per cent at the previous auction, the CBE said. The bills are for issue on April 13 and they mature on April 12, 2011. South Valley Cement posted 2009 net income of LE151.8 million($27.5 million), up from LE6.5 million in 2008. Credit Agricole Egypt declared a dividend of LE1.1 per share, the Egyptian Exchange said. The dividend will be paid on April 22 to investors holding shares on April 19, the bourse added. Credit Agricole Egypt's 2009 net profit fell 20.4 per cent to LE378.5 million. Meanwhile, world shares fell as worries about Greece's financial stability intensified. The spread between Greek and German ten-year government bond yields opened out to 416 basis points, the widest in the eurozone's lifetime. Greek bank stocks were down five per cent and the euro fell. "Fears about ... a vicious circle developing will likely remain alive, and given that Greek government bonds are probably among the most liquid assets that Greek banks have on the balance sheets, this may continue to weigh on them," Barclays Capital said in a note. The mood spilled over into world stocks. Morgan Stanley Capital International's (MSCI) all-country world index was down 0.6 per cent. The pan-European FTSEurofirst 300 lost more than one per cent. Earlier, Japan's Nikkei closed down 1.1 per cent. "The news in relation to the Greek situation is not helpful, and with the results season kicking off next week, it is encouraging investors to book profits," said Keith Bowman, an equity analyst at Hargreaves Lansdown. The euro fell, grinding closer to this year's low against the dollar. "All the negative issues around Greece are still weighing on the euro, not only against the dollar but against sterling and the yen. Across the board the euro is suffering,' said Niels Christensen, a currency strategist at Nordea in Copenhagen. The euro was down 0.3 per cent at $1.3296, having hit a two-week low around $1.3293. On euro zone government bond markets, benchmark yields were down slightly but peripheral economy bonds were suffering along with Greece, albeit to a far lesser extent.
