Egyptian indexes ended mixed on Thursday as foreign investors pulled the country's main index down, traders said. EFG-Hermes, Egypt's largest investment bank by market value, shed 3.33 per cent to LE33.64 ($6), while Orascom Telecom, , the largest Arab mobile operator by subscribers, dipped by 1.54 per cent LE6.39 per share. Orascom Construction Industries, Egypt's largest builder by market value, slipped by 1.23 per cent, closing at LE253.57 per share. The North African country's main index EGX 30 fell by 0.84 per cent, ending the week's trading at 7,116.45 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 0.59 per cent to 692.66 points. Volume hit LE863 million, according to the Egyptian Exchange. Meanwhile, ceramics company Lecico Egypt said improved volumes in the sanitary ware segment was the main driver of a 25 per cent rise in first-quarter earnings, according to Reuters. Profit rose to LE26.9 million ($4.8 million), on revenue up 11 per cent to LE269.5 million. "The strength that we had seen in our business in the last quarter of last year continued in 2010 with robust growth in the sanitary ware business across all markets specifically in Europe but also in Egypt and the Middle East," Lecico Egypt chairman and chief executive Gilbert Gargour he said. National Societe Generale Bank (NSGB), Egypt's second biggest bank by market capital, said on Wednesday that first quarter net profit edged up one per cent year on year, beating analyst expectations. Net profit for the quarter was LE353.3 million compared with a restated 348.6 million pounds in the first quarter of 2009. World shares fell and the euro came under renewed pressure in what is shaping up to be a major flight to safety by investors fearful that the Greek debt crisis is gaining momentum. Emerging markets, many of which are in reasonable economic shape and relatively removed from eurozone stress, were particularly hard hit, with shares down 1.4 per cent. The Morgan Stanley Capital International's (MSCI) all-country world stock index was down 0.6 per cent. Europe's FTSEurofirst 300 index fell in early trading but then put in modest gains after strong results from BNP Paribas. It was up 0.3 per cent. Japan's Nikkei tumbled more than three per cent, catching up with other bourses after a three-day holiday. "There's no let-up in concerns that the eurozone debt crisis could continue to worsen and as a result equity markets across the globe remain under pressure," said Ben Potter, analyst at IG Markets. "The bull market always had to end somewhere and it looks like this could be the trigger," Potter added.
