Kuwait’s benchmark index rose for the fifth day, leading gains in the Persian Gulf, as Commercial Bank of Kuwait and Boubyan Bank KSC returned to profit. Dubai shares declined.
The Kuwait Stock Exchange Index gained 0.5 percent to 6,677.70, bringing the 5-day advance to 2.9 percent. The measure has lost 4.6 percent this year. Commercial Bank of Kuwait, the country’s second-biggest bank by market value, climbed the most in a week. Boubyan Bank, the Kuwaiti Islamic lender, also rose after posting a profit. The Bloomberg GCC 200 Index advanced 0.2 percent at 1:39 p.m. in Kuwait City.
“Company earnings are positive, boosting the market with liquidity,” said Jasem Al Zeraei, head of institutional sales at NBK capital in Kuwait. “There is more positive news from the government in the form of fiscal spending, spending on mega projects.”
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