Egyptian indexes ended mixed on Wednesday as Arab investors pulled the country's main index down, traders said. Arabs made net sell-offs worth LE64 million ($11.3 million), they added. Orascom Telecom, the largest Arab mobile operator by subscribers, slid 2.12 per cent LE6.01 per share. Orascom Construction Industries, Egypt's largest builder by market value, slipped by 1.31 per cent, closing at LE235.54 per share. The North African country's main index EGX 30 fell slightly by 0.12 per cent, ending the day's trading at 6,430.27 points. The EGX 70 index, which measures 70 of the country's small and mid caps, added 1.13 per cent to 562.92 points. Volume hit LE1 billion, according to the Egyptian Exchange. Meanwhile, Ezz Steel first-quarter net profit surged 78 per cent and strong domestic demand and a recovery in global flat steel prices would continue to boost margins. Egypt's largest steel producer said net profit was LE105 million, compared with 59 million in the same quarter last year, as strong domestic demand and a recovery in global flat steel prices boosted margins. A Reuters poll of four analysts had forecast 88.54 million pounds. Ezz Steel said an improvement in demand and steel prices boosted margins in the quarter. It also said its new production facilities and a robust domestic market would boost results going forward. "We are confident about the strength of the Egyptian market, with long product demand expected to continue to be strong, due to the private housing market and local real estate activity," the company said in a statement carried by Reuters. Net sales for the quarter were flat year-on-year at 3.4 billion pounds, missing consensus forecast of 3.65 billion pounds. The weighted average yield at a seven-day deposit auction was 8.275 per cent, compared with 8.277 per cent at last week's auction, the Central Bank of Egypt (CBE) said on Tuesday. The CBE had asked for 15 billion Egyptian pounds ($2.65 billion) and received bids worth 24.685 billion. It accepted bids worth LE15 billion, the same amount it was seeking, at rates between 8.265 per cent and 8.280 per cent, compared with 8.265 per cent and 8.282 at the previous auction. The euro rose after some of the world's biggest central banks said they would not stop investing in the single currency, while world equities and commodity prices fell. The yen and Tokyo's shares weakened following Japan's Prime Minister Yukio Hatoyama's resignation. Official sources in Brazil, India, Japan, Russia and South Korea told Reuters in separate interviews that due to the liquidity of the dollar and the euro and the difficulty of shifting such large portfolios, there were no alternatives to the two currencies in the near term. The euro steadied at $1.2228 after rising to around $1.2249 following the news.
