Kuwait benchmark index advanced for a second day as Credit Suisse Group AG raised the country’s shares and Al-Rai reported Zainmay sign a letter of intent for the sale of most of its African assets by the end of this week.
Zain, the country’s biggest phone company, rose to the highest since October. Al-Rai didn’t say where it got the information. Kuwait Cement Co., the nation’s largest cement maker, climbed 4.2 percent. The Kuwait Stock Exchange Indexincreased 0.3 percent to 7,418.9, bringing the gain for the month to 5.6 percent.
Credit Suisse on Feb. 19 lifted Kuwait’s stocks to “neutral” from “underweight,” citing the government’s spending plan for economic development, and “undemanding” valuations and lower borrowing costs. The country plans to increase spending by about 34 percent in the fiscal year starting April 1, according to a copy of the draft budget sent to parliament earlier this month.
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