STOCKS NEWS MIDEAST-Fresh protests may weigh on Egypt; Arabtec in focus

Reuters Middle East

0535 GMT - Egypt's bourse is likely to be under pressure

after mass protests outside President Mohamed Mursi's palace in

Cairo on Tuesday prompted the leader to leave the building.

Officers fired tear gas at up to 10,000 demonstrators angered

by Mursi's drive to hold a referendum on a new constitution on

Dec. 15.

Cairo's bourse rallied on Tuesday as regional institutional

investors bought shares after the Supreme Judicial Council

cleared the way for a vote on a new constitution. The market may

give these gains back on persisting political turmoil.

Elsewhere, UAE's markets gained on Tuesday upon resuming

trade after a long weekend, with Dubai's index rising

0.2 percent to finish at 1,611 points.

"(We are) waiting for the upward break of 1,630 resistance

level, which will complete a bullish trend reversal pattern to

go long," MENA Corp says in a note. "Only the downward break of

1,580 would cancel the bullish scenario."

Dubai's builder Arabtec Holding will be in focus

on Wednesday after saying it won a 2.3 billion riyals ($631.76

million) contract from Qatar's Msheireb Properties.

In Qatar, transatlantic stock markets operator NYSE Euronext

, has reduced its stake in Qatar's exchange to 12 percent

by selling an 8 percent holding to the Gulf state's sovereign

wealth fund, Qatar Holding.

Elsewhere, Asian shares rose on Wednesday, led by surging

Chinese equities, but concerns over whether U.S. lawmakers can

break a budget impasse before year-end to avert a possible

economic slump weighed on sentiment.

($1 = 3.6406 Qatar rials)

(Reporting by Nadia Saleem; Editing by Mirna Sleiman; Editing


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