Egyptian indexes ended mixed on Wednesday as the country's main index EGX 30 added 13.69 points, while EGX 70, which measures 70 of the country's small and mid caps, shed 10.25 points, traders said. The North African country's main index EGX 30 gained 0.2 per cent, ending the day's trading at 6,836.48 points. The EGX 70 fell 1.53 per cent to 659.76 points. Orascom Construction Industries, Egypt's largest builder by market value, slipped by 0.25 per cent, closing at LE247.94 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, dipped by 0.5 per cent to LE5.95 per share. Egyptian garment maker El Nasr Clothing & Textile Co. (Kabo) reported a net loss of LE6.9 million ($1.23 million) for the nine months to end-March, Reuters reported. The firm made a net loss of LE1.5 million in the same period a year earlier. Kabo produces underwear and outerwear for men, women, and children. It exports around 40 percent of its products to Europe, the United States, Canada and Arab countries. Meanwhile, the weighted average yield at a seven-day deposit auction was 8.276 per cent, compared with 8.278 per cent at last week's auction, the Central Bank of Egypt said on Tuesday.The bank had asked for LE20 billion ($3.57 billion) and received bids worth LE24.57 billion. It accepted bids worth LE24.47 billion at rates between 8.265 per cent and 8.282 per cent, the same as at the previous auction. GB Auto reported on Tuesday a leap in first-quarter net income, as sales extended a rebound from a slump in late 2008 and company the expanded into Iraq. The firm, Egypt's biggest listed automobile assembler, said net income jumped to LE68.7 million ($12.3 million) from LE7.2 million in the same period last year. The automotive sector in Egypt was hit in 2009 by the downturn, but demand has started to pick up, helped in part by a government plan to offer affordable taxis to drivers. Orascom Development Holding shareholders agreed on Tuesday to a 0.65 Swiss franc ($0.586) per share cash distribution that will reduce the nominal value of their shares, the company said. The cash distribution, which will reduce the par value of each share by 0.5 francs, is unrelated to a capital increase called off two weeks ago after Orascom detected irregular trading activity the day before, the company said. The Swiss-based company, whose main presence is in Egypt, had planned to sell shares representing 9.9 percent of its capital on April 27 and use the proceeds to speed up construction of hotels and other projects.
