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Sun 28 Aug 2011 10:18 AM

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Oman gains on pension fund buying; UAE edges up

Volumes in UAE stay muted as most traders keep away ahead of Eid Al Fitr holiday

Oman gains on pension fund buying; UAE edges up
Saudi Arabias bourse , the largest in the region, closed on August 25 for a 9-day religious holiday (Getty Images)

Oman's index continued its advance, despite a lull in other regional markets, as local pension funds returned to boost the market.

Banks led the rally with Bank Muscat gaining 2 percent and Bank Sohar climbing 2.8 percent.

"We are seeing a lot of money coming in from local pension funds as well as some foreign investors," said Adel Nasr, United Securities brokerage manager.

Oman's regulator, Capital Market Authority, said it is encouraging consolidation of brokerages and expects at least three to four initial public offerings next year.

Oil services firm Renaissance Services jumped by 10 percent. The stock plummeted to a 2009-low earlier this month after it discovered financial fraud at unit Topaz and reported a 77-percent drop in first-half net profit.

"We are seeing a relief rally in Renaissance after investors see that the issues surrounding the firm will not result in a total loss for the company," said Nasr.

The index climbed 1.8 percent to 5,683 points.

Meanwhile, Qatar's Masraf AL Rayan climbed 1.5 percent, helping the Doha index edge up by 0.4 percent.

UAE markets edged up in early trade on Sunday, tracking gains from world stocks, but volumes were muted as most traders stay away ahead of the Eid Al Fitr holiday.

Emaar Properties led the advance in Dubai as it climbed 1.4 percent in early trade. Builder Arabtec gained 0.7 percent.

Dubai' index added 0.2 percent.

Property stocks led the rally in Abu Dhabi too, with developers Aldar Properties and Sorouh Real Estate adding 1.7 percent each.

The index rose 0.3 percent.

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