Driven by non-Arab buying, Egypt's main index EGX 30 rose on Monday for the fourth day in a row, traders said. But the market as a whole was mixed as the broader EGX 70 slipped by 4.5 points, they added. Non-Arabs made net purchases worth LE54.2 million ($9.6 million), while Egyptian investors made net sell-offs exceeding LE56.8 million. Orascom Construction Industries, Egypt's largest builder by market value, rose by 1.2 per cent, closing at LE245.4 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, added 1.09 per cent to LE5.54 per share. The North African country's benchmark index EGX 30 rose by 0.43 per cent, ending the day's trading at 6,547.13 points. The EGX 70 index, which measures 70 of the country's small and mid caps, shed 0.81 per cent to 557.94 points. Volume hit LE1.7 billion, according to the Egyptian Exchange. The average yield on Egyptian 91-day Treasury bills fell a fraction to 10.222 per cent at an auction on Sunday from 10.270 per cent last week, Reuters reported. The Central Bank of Egypt (CBE) accepted bids for bills worth LE1 billion ($176 million), the same amount it was seeking. It accepted bids at rates between 10.002 and 10.251 per cent,compared with 9.989 and 10.301 percent at the previous auction. The bills mature on September 21. Meanwhile, world stocks hit a five-week high and the euro and commodities jumped after China allowed more currency flexibility, easing tensions with the West and boosting confidence in the global economy. The Morgan Stanley Capital International (MSCI) world equity index rose 1.2 per cent, hitting its highest level since mid-May. The FTSEurofirst 300 index was up 1.4 per cent, rising for the ninth straight session to hit a five and half week peak. Emerging stocks rose 2.5 per cent to a six-week high while emerging sovereign debt spreads tightened 8 basis points to 302 bps, their narrowest in five weeks. "The move appears to reflect increased confidence that the Chinese and world economies are growing in a stable and sustainable fashion," UBS said in a note to clients. US crude oil rose 1.8 per cent to $78.56 a barrel while spot gold hit a record high of $1,262.75 an ounce, helped by the fall in the dollar, which lost around 0.5 percent against a basket of currencies. The euro rose to a one-month high near $1.2490 before stabilising at $1.2432, steady on the day.
