Kuwait Stocks Gain on Zain in Longest Winning Streak Since 2006

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Kuwait shares posted their longest winning streak in more than three years as Zain, the country’s biggest telecommunications company, said it expects a return of as much as $5 billion from the sale of its African assets.

Zain, one of the heavy weights in Kuwait’s benchmark index and part-owned by Kharafi Group, rose the most in seven months. Global Investment House KSCC, an investment bank, jumped to its highest level this year as it said it’s an adviser in the Zain deal. The Kuwait Stock Exchange Index rose 0.8 percent to 7,440.6, bringing the 11-day gain to 6.1 percent. It’s the measure’s longest winning streak since June 2006.

“Kuwait is gaining as a market because of the heavy weightings of the Kharafi companies in the index which are benefitting from the Zain deal,” said Yazan Abdeen, a fund manager at ING Investment Management (Dubai) Ltd.