MIDEAST STOCKS-Egypt climbs to 8-wk high, Gulf markets mixed
* Egypt hits 8-wk high, investor confidence up on security
* Construction and property stocks lift Dubai, Abu Dhabi
By Sarah Mikhail and Nadia Saleem
CAIRO/DUBAI, May 29 (Reuters) - Egypt's bourse hit an eight-week high after a non-violent weekend raised investors confidence on Sunday and property stocks lifted UAE markets.
"We had fears something fierce would happen on Friday and nothing happened in terms of violence. Investors see it was smooth," said Omar Ascar of Cairo Capital Securities.
Optimism that the government will resolve land bank issues in the real estate sector also boosted investor interest, traders said. Egypt's index .EGX30 climbed 2.5 percent to its highest close since April 3, as the country's biggest real estate firm Talaat Moustafa (TMGH.CA) soared 9.9 percent and Palm Hills (PHDC.CA) jumped 9.7 percent.
In Dubai, Emaar Properties EMAR.DU gained 2 percent after its Saudi affiliate Emaar Economic City 4220.SE received a $1.33 billion loan from the kingdom's finance ministry to speed up construction of a project. [ID:nLDE74O1K0]
Contractor Arabtec ARTC.DU, which is active in Saudi Arabia, climbed 3.2 percent.
Dubai's benchmark .DFMGI gained 0.7 percent and Abu Dhabi's benchmark .ADI rose 0.4 percent.
Aldar Properties ALDR.AD rose 2.2 percent, while Sorouh Real Estate SOR.AD gained 1.6 percent.
Oman's index .MSI neared a 22-month low, as Renaissance Services RSC.OM fell 3.7 percent. Company officials met with analysts on Tuesday and issued a bleak outlook for 2011, according to analysts, with some expecting the company to cancel a planned listing of its unit Topaz, which was postponed in March. [ID:nLDE72U02B]
Muscat's benchmark .MSI dropped 0.5 percent to its lowest close since July 2009.
"We expect the index to stabilise at current levels, as the (technical) indicators are positive," said Osama Ibrahim al-Qinna, head of brokerage at Oman Arab Bank.
"Although investors remain cautious in this volatile environment, we have noticed that market volumes are strongly supported by bluechip stocks."
Qatar's index .QSI ended 0.3 percent lower, edging back towards Wednesday's one-month low after Qatari Mohamed Bin Hammam withdrew his candidacy for the post of FIFA president on Saturday, one day before he is due to face an ethics committee hearing into bribery allegations. [ID:nLDE74S001]
Investors said the corruption charges were causing a selling pressure in the market.
However, traders were optimistic as they look ahead for a June 21 MSCI announcement on a possible index upgrade for Qatar to emerging market status.
"During these 3 weeks markets will come up again to 8,600 or above - we're waiting for the MSCI decision," said Hani Girgis, assistant chief dealer at Dlala brokerage.
Kuwait's index .KWSE slipped 0.3 percent to hit a six-week low, as banks weighed and telco Zain (ZAIN.KW) fell 2 percent.
A weak global backdrop and the beginnings of a traditionally slow summer are negatively affecting the market, analysts said.
Saudi Arabia's index .TASI edged up to a fresh four-month high as the agriculture and food sector index .TAFSI rose 0.8 percent and the construction benchmark .TBCSI added 1.5 percent.
* The measure .EGX30 jumped 2.5 percent to 5,548 points.
* The index .DFMGI gained 0.7 percent to 1,545 points.
* The benchmark .MSI slipped 0.5 percent to 5,953 points.
* The measure .ADI gained 0.4 percent to 2,608 points.
* The benchmark .QSI slid 0.3 percent to 8,375 points.
* The index .TASI inched up 0.05 percent to 6,755 points.
* The measure .KWSE eased 0.3 percent to 6,356 points.
* The measure .BAX slipped 0.6 percent to 1,351 points. ( Editing by Firouz Sedarat)
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