Kuwait shares fell for the first time in six days on concern recent gains are overdone, led by Mobile Telecommunications Co., the company known as Zain. Dubai shares dropped.
Zain slid for a second day after HSBC Holdings Plc lowered its recommendation on Kuwait’s biggest mobile-phone company. The Kuwait SE Price Index dropped 0.6 percent to 6,947.10 at the 12:30 p.m. close in Kuwait City. The index gained 6.8 percent in the third quarter. The Dubai Financial Market General Index declined 0.5 percent and the Bloomberg GCC 200 Index lost 0.4 percent.
Emirates Telecommunications Corp., the biggest telecommunications company in the Middle East by market value, on Sept. 30 offered to buy 46 percent of Zain at 1,700 fils a share. Kuwait’s Kharafi Group, the second-largest shareholder in Zain with an about 13 percent stake, is inviting owners of fewer than 300,000 Zain shares to join in the sale, according to an advertisement in Al-Qabas yesterday.
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