CAIRO: Egypt’s main index ended slightly higher on low volume, echoing world markets, which rebounded on Tuesday on a strengthened dollar and positive US company earnings.
"Today we’re slightly up, within the same range… [we have been trading] around the 6,000 level, plus or minus 100 points," said Karim Hosny of Pharos Securities."People are being more cautious than they’re being aggressive."
Commercial International Bank was the main gainer, up 2.6 percent. On Monday, investment bank Beltone Financial recommended the bank as one of the most attractive stocks in the MENA region because of its strong fundamentals.
Orascom Construction Industries, the biggest listed firm on the index, added 1.2 percent, while Orascom Telecom shed 0.4 percent.
The market will likely be impacted by Dubai World’s meeting with creditors on July 22 to offer details on its multi-billion debt restructuring and the announcement on July 23 of the results of stress tests on European banks, traders said.
"Global fundamentals….will be a main market mover for sure," said Hosny.
Overall, the index ended 0.9 percent higher at 5,968 points.
On Tuesday, the Dow Jones industrial average closed 0.7 percent higher at 10,229.96 while the benchmark Standard & Poor’s 500 Index advanced 1.1 percent.
