Two main Egyptian stock indexes broke lifetime closing highs on Sunday as Orascom Construction Industries continued a share price rise sparked by fresh expansion, traders said.

The strong performance of a few selective stocks, namely Orascom Construction Industries supported the CASE30, said Hashem Ghoneim of El Nour Securities.

Shares in OCI rose 2.9 percent to 415.50 Egyptian pounds ($72.89), while overall the CASE30 index rose 1 percent to close 8,246.21 points, breaking a previous closing high of 8,220.07 set in February 2006.

The benchmark Hermes index also hit a fresh closing high of 73,151.40 points after rising 0.7 percent. But the broader CIBC index dipped 0.1 percent to close at 344.32 points as profit-taking hit some housing and real estate shares.

Alexandria Real Estate Investment slumped by 10.2 percent to 429.98 pounds, while Heliopolis Housing lost 4.5 percent to end at 602.01 pounds. Medinet Nasr Housing also retreated by 0.8 percent to 325.25 pounds after a strong performance the previous session.

The market zigzagged during the day as many shares reversed an early upward trend due to big selling operations, with investment bank EFG-Hermes losing early gains to close just 0.3 percent higher at 48.05 pounds after breaking through a year-closing high of 49 pounds early in the day.

($1 = 5.70 Egyptian pounds)

Egypt