MIDEAST STOCKS-Egypt hits 5-yr high on election law talk; Q4 reports hurt Dubai | Reuters

MIDEAST STOCKS-Egypt hits 5-yr high on election law talk; Q4 reports hurt Dubai | Reuters:



"* Egypt lifted by expected progress towards civil rule



* Dubai falls from five-year high



* Air Arabia disappoints on dividends; shares tumble



* Du reports lower quarterly profit, flat year



* Emaar Q4 profit beats estimates but fails to lift index



By Nadia Saleem

DUBAI, Feb 18 (Reuters) - Egypt's bourse surged to a five-year high after a local newspaper reported that discussions over a new presidential election law would begin on Wednesday, while Dubai's shares fell in profit-taking after mixed earnings reports.



Cairo's Al-Ahram said an administrative court, under the mandate of the 2014 constitution, would start discussions on the draft law. It may also give details of potential presidential candidates and the timeframe of the elections.



"People are excited about the elections, they are building positions in anticipation of presidential election law," said Mohamed Radwan, director of international sales at Pharos Securities in Cairo.



Construction- and property-related shares led the trading. Palm Hills Development Co rose 3.9 percent and Egyptian Resorts jumped 4.7 percent."



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