CAIRO - For the third day in a row, Egypt's main index slipped was in the red on Thursday as shares in Orascom Construction fell, traders said. The country's benchmark index EGX 30 fell slightly 0.18 per cent, ending the week's trading at 6,307.27 points. The EGX 70 index, which measures 70 of the country's small and mid caps, gained 0.32 per cent to 548.98 points. Volume hit LE698 million ($123 million), according to the Egyptian Exchange. Orascom Telecom (OT), the largest Arab mobile operator by subscribers, added 0.19 per cent to LE5.3 per share. Orascom Construction Industries, Egypt's largest builder by market value, slipped by 0.17 per cent, closing at LE235.89 per share. Shares in developer Talaat Moustafa gained 1.19 per cent, to LE7.65. Meanwhile, global equities and crude prices eased on concerns over economic growth after the US Federal Reserve's pessimistic outlook, though the dollar recovered from the previous session's losses, according to Reuters. Concerns over Greece were hanging over the eurozone, as the cost of protecting its government debt against default hit a record high. The Fed acknowledged a faltering pace of US economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period. Its assessment followed data showing that sales of new homes in the United States fell to their lowest level ever in May and came with Europe still on the path of austerity to prevent a Greek-style debt crisis. "The negative tone on the speed and strength of the recovery from the Federal Reserve is infringing on investor's expectations and there's a sense that there will be a long period of anemic growth," said Henk Potts, analyst at Barclays Wealth in London. Europe's FTSEurofirst 300 .FTEU3 fell for the third day, down 0.9 per cent and basic resources shares shed 1.8 per cent, shrugging off hopes new Australian Prime Minister Julia Gillard could compromise on a controversial mining tax. The European basis resources sector carried a one-year forward price-to-earnings of 11.37, in line with its five-year average of 11.34, according to Thomson Reuters DataStream. World stocks measured by MSCI All-Country World Index drifted 0.1 per cent lower, down for a third consecutive day. In Asia, Tokyo's Nikkei average was flat as short-covering petered out, with charts showing further gains were likely to be difficult. Japan's annual export growth slowed for a third consecutive month in May in a sign that its overall economic growth could start to slow as the pace of recovery in overseas demand moderates.
