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Oman's stock market hits three-week high

Markets Wrap: Oman's stock market outperforms regional bourses after the completion of a share sale in the country’s first Islamic bank revived investor appetite for the nation’s equities.

Oman's stock market outperformed regional bourses yesterday after the completion of a share sale in the country’s first Islamic bank revived investor appetite for the nation’s equities.

The Muscat Securities Market 30 Index rose 0.57 per cent to 5,786.66.

Bank Nizwa sold 600 million shares to raise US$158.9 million from investors last month. Its initial public offering was 11 times oversubscribed, according to the results revealed on Saturday, generating $1.77 billion of bids from investors.

“The stock-market trend in Oman is looking good,” said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai. “The success of the Nizwa Bank IPO is creating a positive momentum in the market and oversubscription is an indication that investors still have liquidity cushions that can be invested back in the market.”

Oman International Development and Investment jumped 4.4 per cent to 0.425 rials. Bank Sohar rose 1.9 per cent to 0.158 rials. Nawras, also known as Omani Qatari Telecommunications, rose 1.1 per cent to 0.518.

In the UAE, the Abu Dhabi Securities Exchange General Index lost 0.2 per cent to close at 2,449.73, while the Dubai Financial Market General Index declined 0.3 per cent to 1,470.61.

Elsewhere in the region, Kuwait’s measure rose 0.54 per cent to 6,241.42, and Qatar’s QE Index was little changed at 8,473.05 points.

The Saudi Tadawul All-Share Index fell 0.8 per cent to 6,975.27.

HAlSayegh@thenational.ae

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