Driven by retail and Arab buying, Egyptian indexes rebounded on Wednesday, ending a five-day losing streak, traders said. The country's main index EGX 30 jumped by 4.43 per cent, recovering some of its losses, 823 points, over the past five trading sessions. The North African country's main index closed at 6,200.29 points, while the EGX 70 index, which measures 70 of the country's small and mid caps, added 4.05 per cent to 533.91 points. Big caps were in the black as Egyptian and Arab investors made net purchases worth LE26.5 million and LE13.9 million respectively, according to the Egyptian Exchange. Talaat Moustafa Group, Egypt's biggest listed developer, soared by 10.79 per cent to LE7.6 per share. Orascom Construction Industries, Egypt's largest builder by market value, gained 6.8 per cent, closing at LE238.79 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, rose by 3.58 per cent LE5.21 per share. EFG-Hermes, Egypt's largest investment bank by market value, jumped by 7.09 per cent to LE28.24 per share. Meanwhile, bargain-hunting lifted world stocks off the previous session's nine-month lows but the euro continued to fall, slipping towards a four-year low on fears of a fresh bank crisis in Europe, Reuters reported. Buying kicked in on stocks after this week's sharp falls that had taken most indices to their lowest levels since last August. A late-session rally had seen Wall Street close flat on the day after a weak open. The Morgan Stanley Capital International (MSCI) index of world stocks rose almost one per cent off Wednesday's 1.8 per cent falls while emerging stocks rose 1.7 per cent a day after posting a four per cent loss -- their biggest one-day fall in over a year. The rises however did not conceal market jitters with most investors thought to be inclined to cut risk because of tough financing conditions in the euro zone that are fuelling fears banks could take a hit from the slowing of credit.
