Kuwait stocks rose to the highest in four months as Zain, the country’s largest mobile-phone company, got a purchase offer for a 46 percent stake, boosting investor sentiment. Emaar Properties PJSC fell in Dubai.
Gulf Cable and Electrical Industries Co., the Kuwaiti maker of electrical equipment, soared to the highest in a year and Kuwait Food Co. jumped 6.3 percent. Zain shares were suspended from trading pending clarification on the offer from Abu Dhabi- based Emirates Telecommunications Corp. The Kuwait SE Price Index increased 0.8 percent to 6,985, the highest since May 24, at the close in Kuwait City. The index rose 6.8 percent in the past three months, its biggest quarterly gain since the one ended March.
The gains are a “spillover from Zain’s news,” said Jasem Al Zeraei, head of institutional sales at NBK Capital in Kuwait.
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