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Kuwait’s benchmark index climbed to a three-year high on bets investors will boost stock purchases after their retail loans are canceled.
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Dubai Islamic Bank PJSC dropped the most in a month on bets a rally in the lender’s shares in April, spurred by profit expectations, was overdone.
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Kuwaiti shares gained, sending the benchmark index to the highest level since January 2011 amid optimism the government will revive a $110 billion investment plan to boost economic growth in the OPEC member.
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Arabtec Holding Co. rose the most in almost a week after the United Arab Emirates builder scrapped a plan to issue convertible bonds that had stoked concern among shareholders that their positions may be diluted.
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Dubai stocks rallied to the highest level in more than three years as Emaar Properties PJSC’s new hotel project fueled bets revenue of the developer of the world’s tallest skyscraper will grow this year.
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Dubai’s stocks declined the most in a month as investors speculated Emaar Properties PJSC’s rally this year was overdone and after crude oil dropped.
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Arabtec Holding Co. slumped to a two-month low on investor concern the United Arab Emirates builder’s plan to raise capital via convertible bonds may dilute the positions of shareholders.
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Barwa Real Estate Co. tumbled the most in more than three years after the Gulf Cooperation Council’s largest real estate developer by assets recommended the same cash dividend as last year.
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Dubai shares rose for a second time this week, adding to this month’s gain in Gulf markets, as the emirate raised $1.25 billion in a bond sale and emerging-market stocks climbed to the highest level since June 2008.
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Dubai’s real estate stocks fell, led by Emaar Properties PJSC after the United Arab Emirates was said to have capped mortgages for expatriates, prompting concern a recovery in the property industry may be at risk.
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