Gulf markets all ended in positive territory as the region closes down for the Eid holiday, with Qatar Telecom’s bid for the remaining shares it doesn’t hold in Kuwait’s Wataniya driving growth on the Doha bourse.
Investors responded positively to the news of the offer details, sending Qtel’s shares up 3.3 percent in their largest one-day gain since May 10.
The Qatar benchmark drew strength from Qtel’s gain, advancing 0.8 percent.
Egypt’s main index rose 0.9 percent, extending gains to five sessions, as signs of greater political stability and foreign help for the country’s creaking economy lured more buyers into the market.
Kuwait’s bourse ticked up 0.1 percent, extending its winning run to four sessions.
In Abu Dhabi, the index sustained gains for an eighth successive session, climbing 0.7 percent to its highest close since March 26. Its main support was Etisalat, which rose 2.1 percent.
The Dubai exchange edged up 0.1 percent.
In Oman, the index rose 0.02 percent, thereby narrowly extending its winning streak to seven sessions.