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~~~~~((#))016005000a-Stocks & Shares (World)

Egyptian shares end up, OCI falls

CAIRO: Egyptian shares ended slightly firmer on Monday, with shares in Orascom Construction Industries (OCI) ending down despite posting a 20 percent rise in 2002 net profits on Sunday.

"Some local banks have bought shares to artificially raise the market to improve their balance sheets because they submit their first-quarter balance sheets today," said Amr Zeidan, investment officer at the Cairo Capital group.

The benchmark Hermes Index last traded up 18.31 points, or 0.3 percent, at 6,239.25, while the broader CIBC Index ended up 0.07 points, or 0.1 percent, at 64.75.

Zeidan said many local banks held assets on the Egyptian stock market. He said the action explained why usually inactive shares posted significant gains.

The day's biggest percentage gainer, Eastern Tobacco, gained 2.69 pounds ($0.47), or 5.1 percent, to last trade at 56.00 pounds and officially close at 56.23.

Despite posting strong results, OCI fell by 1.96 pounds, or 5.8 percent, to last trade at 32.00 pounds and officially close at 33.49 pounds.

One trader said investors were concerned by the wide gap between the company's year gross profit of 763.5 million pounds and net profit of 363.9 million. "Are there hidden costs they can't pass on to customers? That is likely to worry investors," he said.-Reuters