Israel Shares Rise on Gas Boost Amid Gaza Strike; Kuwait Climbs - Bloomberg:
"Israeli stocks rose after energy companies raised estimates for reserves at the Leviathan gas field by 15 percent, even as the conflict between Israel and militants in the Hamas-controlled Gaza Strip intensified.
The TA-25 Index (TA-25) increased 0.9 percent, the most in almost a week, to 1,384.02 at 1:36 p.m. in Tel Aviv. Delek Group Ltd., which owns stakes in the Leviathan field via its Delek Drilling LP and Avner Oil Exploration LLP units, advanced 1.3 percent. Kuwait’s SE Price Index (KWSEIDX) added 1.5 percent, the most since October. Dubai’s DFM General Index climbed 0.1 percent.
Shares rallied as investors speculated fighting between Israel and militants in the Gaza Strip will have limited impact on the economy. Leviathan’s offshore resources are as much as 21.94 trillion cubic feet, up from 19 TCF, Delek Drilling and Avner said in a stock exchange filing and e-mailed statement today, citing petroleum consultants Netherland, Sewell & Associates, Inc. Israel expects the Leviathan field, discovered in 2010, to meet its gas needs for 25 years, while bolstering export earnings."
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