Kuwait's index hit a fresh six-week high on optimism about third-quarter results on Wednesday, while Egyptian stocks, hit this week by concerns over political stability and global markets, fell for a fourth session in lacklustre trading.

'Investors are repositioning for stocks - it's not about sectors right now, but about earnings,' said Safaa Zbib, head of research at Kuwait and Middle East Financial Investment Company.

As the quarter nears its end, stocks with stable dividends and earnings would perform well in the short term, he said.

The index rose 0.5 per cent to its highest close since August 4, as Kuwait Finance House rose 3.3 percent, Gulf Bank climbed 2 per cent and Zain gained 3 percent.

Zain has agreed to sell its stake in its indebted Saudi affiliate to joint bidders Kingdom Holding and Bahrain Telecom (Batelco). Kingdom said on Saturday it would complete due diligence this month.-Reuters