x Abu Dhabi, UAEThursday 27 July 2017

Omani shares rebound as Renaissance fights back

Markets Update: Omani oil services firm rebounded from an all time low ahead of a conference call with investors to discuss second quarter results.

Omani oil services firm rebounded from an all time low ahead of a conference call with investors to discuss second quarter results.

Shares of Renaissance Services jumped 10 per cent, following three days of declines after it reported fraud at its Topaz unit and posted a 77 per cent drop in net profit for the first half of the year. The stock was down 26 per cent prior to market open.

Oman's benchmark was up 0.7 per cent to 5526.45 points.

In the UAE, the Dubai Financial Market General Index was up 0.5 per cent to 1474.63 points in thin trading. The Abu Dhabi Securities Exchange General Index was little changed at 2582.54 points.

Elsewhere in the region, Kuwait's index was down 0.2 per cent to 5832.60 points. Bahrain's index was unchanged at 1266.26 points. Qatar's benchmark was down 0.1 per cent to 8191.05 points. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6088.25 points.