| CAIRO/DUBAI, April 22
CAIRO/DUBAI, April 22 Egypt's bourse made its
biggest daily gain in more than two months on Sunday after mass
weekend protests ended peacefully, and Dubai's Emaar Properties
helped lift the bourse from six-week lows, while other
Gulf markets were mixed.
Egypt's main index rose 2.6 percent, its biggest
gain since Feb. 20, also lifted by measures by military rulers
to try to get the writing of a new constitution back on track.
Among top gainers, investment bank Pioneers Holding
jumped 9.9 percent, real estate firm Talaat Moustafa
Group climbed 8.4 percent and its peer Palm Hills
surged 8.5 percent.
"Today we are seeing some buying and no selling as foreign
and Arab investors are optimistic about the current state of
political stability and a lack of negative decisions or
actions," said Ahmed Khalil, trader at Cairo Capital Securities.
Tens of thousands of Egyptians protested on Friday to press
the army to stick to its promise to hand over power by July.
Unlike many other mass demonstrations since President Hosni
Mubarak was overthrown, the protest ended peacefully.
On Saturday night, senior army generals met experts to get
their views on the best way to draft a new constitution.
The process was put on hold this month when a court
suspended the work of a constitutional assembly, which is
dominated by Islamists, and boycotted by liberals.
Dubai's bellwether Emaar Properties rose 3.1
percent on optimism a shareholders' meeting may lift its
proposed 10 percent dividend.
"Retail investors are expecting Emaar's proposed dividend to
be bumped up to 15 percent," said Amer Khan, fund manager at
Shuaa Asset Management.
The developer led gains as Dubai's index rose 0.7
percent, rebounding from Thursday's six-week low.
"I don't see much upside in the UAE but it depends on
earnings - many have high expectations for Emaar," said Ali
Adou, portfolio manager at The National Investor.
Elsewhere, Qatar's index rebounded 0.7 percent from
Thursday's four-week low, with Industries Qatar rising
2.3 percent after posting estimate-beating earnings.
"Today's move is led by IQCD and the performance of SABIC.
There is a psychological correlation between these two
companies," said Samer al-Jaouni, general manager of Middle East
Chemicals giant Saudi Basic Industries Corp (SABIC)
, has gained 5.4 percent since it announced
above-estimate earnings on Tuesday.
In Saudi Arabia, the index slipped 0.5 percent to
7,581 points, halting three session of gains as investors booked
recent gains in petrochemical and bank stocks.
"The next target for TASI is 8,200 in the short-term, helped
by a strong earnings growth in bluechips, especially banks,"
says Mateb Al Ghanim, portfolio manager at Amlakuna Investment
Group, adding he expected the index to hit the 9,800 level in
Samba Financial Group dropped 2.8 percent after it
marginally missed analysts' estimates.
"Although (Samba's) numbers were a small miss, the
fundamentals are strong and it's a liquid bank," said The
National Investor's Adou. "Its corporate lending is back on
track, with its big corporate clients asking for more loans."
* The index climbed 2.6 percent to 4,829 points.
* The index gained 0.7 percent to 1,650 points.
* The benchmark slipped 0.2 percent to 2,496 points.
* The measure rose 0.7 percent at 8,703 points.
* The benchmark dipped 0.5 percent to 7,581 points.
* The index declined 0.6 percent to 5,970 points.
* The measure climbed 0.6 percent to 6,303 points.
* The measure slipped 0.2 percent to 1,157 points.
(Editing by Firouz Sedarat)