CAIRO/DUBAI - Egypt's bourse rose for a third day after renewed foreign interest on Tuesday as Gulf markets were mixed, with investors awaiting first-quarter results. Egypt's main index .EGX30 rose 3 per cent on heavy appetite from local investors and renewed interest from foreigners, in a fifth day of trading following a shutdown of over seven weeks due to a popular revolt against former President Hosni Mubarak. "People were expecting the market to fall much more, not realizing that the market already shed some 25 per cent pre-revolution," said Omar Darwish of CIBC Brokerage. "A further discount in the market post-revolution made stock prices attractive," he said. Orascom Telecom (ORTE.CA: Quote) climbed 9.3 per cent after the firm said it would seek shareholder approval for a capital increase and a split of the company. Russia's Vimpelcom (VIP.N: Quote) expects to complete its more than $6 billion deal for assets of Egyptian tycoon Naguib Sawiris, chairman of Orascom Telecom, within a month, Vimpelcom's chief executive said on Tuesday. Saudi Arabia's benchmark rose for a seventh session in nine, with bluechips ending mixed. The real estate index hit a six-week high, extending gains on renewed speculation that a long-awaited mortgage law would be approved soon. "Real estate stocks may have an effect for next two days on the mortgage law," said a Riyadh-based trader who asked not to be identified. "I would be cautious on real estate numbers. We could see some weakness. In the long-term, they are good, but people are short-term here." The Saudi king has announced $93 billion in handouts, including $67 billion to be spent on 500,000 new homes, and a housing ministry was set up last week. Dubai's index gave back early-session gains, with Emaar Properties' (EMAR.DU: Quote) surprise dividend providing only a short-term lift. Emaar rose 0.3 per cent after shareholders approved a surprising 10 percent cash dividend, its first since 2008. "Emaar wanted to preserve cash for a rainy day and it has some short-term refinancing risk we can't ignore," said Jad Abbas, EFG-Hermes real estate analyst. The developer has debt worth 4.5 billion dirhams ($1.2 billion) maturing in 2011, Abbas said. "We expect most of this to be rolled over," he said, adding that 2011 should be a relatively good year for the developer as it shifts towards its international operations. Abu Dhabi's index edged up, taking its March gains to 1.8 per cent. Developers with Aldar (ALDR.AD: Quote) and Sorouh Real Estate (SOR.AD: Quote) gained 1.3 and 3.3 per cent respectively. Oman's index .MSI fell to a 12-day low after Renaissance Services RSC.OM fell 6.6 percent on talk it may delay a $500 million London listing of its Dubai-based unit Topaz. "There was a statement from the CEO that the IPO can be deferred till starting next year if the recent events in the Middle East affect the valuation of Topaz," investment bank EFG-Hermes wrote in a research note.
