Kuwait’s benchmark stock index rose to the highest in more than a month on bets that the gauge’s decline to an eight-year low earlier this month was overdone.
Agility (AGLTY), the Kuwaiti storage and logistic company, and Islamic lender Boubyan Bank KSC (BOUBYAN) rose the most in two weeks. National Mobile Telecommunications Co. (NMTC), also known as Wataniya Telecom, closed at the highest in four and a half years after parent Qatar Telecom (QTEL) QSC made a cash offer for all of the company it didn’t already own. The Kuwait Stock Exchange index rose 0.9 percent to 5,839.45, its highest close since July 22. The gauge fell to its lowest in eight years on Aug. 12. The Bloomberg GCC 200 Index was down less than one percent.
Investors held back during Islam’s holy month of Ramadan and “now feel more comfortable buying shares that would benefit if a rebound happens,” Carlos Ribeiro, Gulf Bank KSC (GBK)’s chief financial officer said by telephone. Investors are picking “particular companies in very particular industries” that will be part of a rally after the dip in the index, he said.
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