Driven by local selling, Egyptian stocks fell on Sunday, traders said. Locals made net sell-offs worth LE63 million ($10.8 million). Arab and non-Arab investors made net purchases worth LE25 million and LE38 million respectively, according to the Egyptian Exchange. The country's benchmark index EGX 30 fell slightly by 0.02 per cent to 6,696.88 points. The EGX 70, which measures 70 of the country's small and mid caps, slid 2.23 per cent 692.59 points. Volume hit LE1.7 billion, according to the Egyptian Exchange. Orascom Construction Industries rose by 0.73 per cent to LE274.12 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, shed 0.47 per cent, closing at LE4.2 per share. EFG-Hermes, the country's biggest investment bank by market value, gained 1.61 per cent to LE31.57 per share. Commercial International Bank (CIB) added 0.56 per cent to LE41.35 per share. On Friday, the Dow and S&P 500 rose as General Electric Co's earnings put a positive tone on the economic recovery, snapping a two-day losing skid for the benchmark index, according to Reuters. The Nasdaq was pulled lower by Google, ending a week marked by investors pulling back from outperforming technology shares. Shares of General Electric, considered a bellwether for the economy and corporate America, rose 7.1 percent to $19.74 and hit their highest intraday level since November 2008. The stock, the top positive in the Dow, also scored its biggest daily percentage jump since March 2009. GE reported stronger-than-expected earnings, helped by the recovery of its finance arm and a rise in revenue at its industrial units, including a sharp pickup in sales of locomotives. The Dow Jones industrial average rose 49.04 points, or 0.41 per cent, to end at 11,871.84. The Standard & Poor's 500 Index added 3.09 points, or 0.24 per cent, to 1,283.35. The Nasdaq Composite Index shed 14.75 points, or 0.55 per cent, to close at 2,689.54.
