x Abu Dhabi, UAESunday 23 July 2017

Oman provides a renaissance for traders with stock rise

Market Wrap: Renaissance Services, an Omani oil services firm, rose to its three-week high, following the announcement of its subsidiary's intention to list on the London Exchange -with video.

Oman-based Renaissance Services rose as much as 4 per cent to its three-week high ahead of its subsidiary's $500 million London listing.

Topaz Energy and Marine announced its intentions to go public on Thursday, subject to the approval of shareholders at Renaissance's general assembly scheduled to take place on March 28.

Shares of Renaissance ended 2.1 per cent higher to 1.148. Oman's index lost 0.7 per cent to 6247.33.

In the UAE, bourses did not move in the same direction, but both faced limited liquidity ahead of the weekend.

The Dubai Financial Market General Index added 1 per cent to 1470.57, while the Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2584.89.

"We shouldn't just look at the performance of the index as a measure, but at the level of traded value in each market, which clearly doesn't reflect that there is appetite," said Wadah al Taha, the chief investment officer at Al Zarooni Group in Dubai.

"The over all direction of the markets is cautious with the events in Bahrain." he said.

Bahrain's stock exchange reopened yesterday after being closed the day earlier following the country's state of emergency. The country's benchmark added 0.1 per cent to 6263.80.

Elsewhere in the region, Kuwait's measure added 0.2 per cent to 6263.80. Qatar's index added 0.7 per cent to 8182.84. The Saudi Tadawul All-Share Index was closed for the day.