We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 9 Sep 2010 03:18 PM

Font Size

- Aa +

Oman shares climb to 2wk high on Bank Dhofar stake sale

Oman's MSM30 Index gained 0.3% to 6,301.83, the highest since August 23.

Oman shares climb to 2wk high on Bank Dhofar stake sale
SHARE ADVANCE: Oman shares advanced to their highest in more than two weeks, while Qatars benchmark index also rose. (Getty Images)

Oman shares advanced to the highest in more than two weeks, led by Dhofar International Development & Investment Holding and Al Anwar Holdings.

Qatar Telecom gained, raising the country’s benchmark index.

Dhofar International surged the most in almost three months after it sold a 2.5 percent stake in Bank Dhofar. Al Anwar, the sultanate’s investor in manufacturing companies, increased the most since July.

Oman’s MSM30 Index gained 0.3 percent to 6,301.83, the highest since Aug 23, at the 1 pm close in Muscat.

Qatar’s QE Index advanced 0.8 percent.

The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, ends tomorrow with the celebration of Eid.

Exchanges in the UAE, Kuwait and Saudi Arabia are already shut for the holiday. Oman and Qatar’s bourses will close from Sept 12.

Emerging market stocks climbed for the first time in three days as Philippine exports and Australian jobs rose more than economists estimated, easing concern that the global recovery will falter.

Bahrain’s measure increased 0.7 percent as Arab Banking Corp advanced.

Dhofar International rose 6.3 percent, the most since June 17, to 0.471 rial, giving the company a market value of 94.2 million rials ($245 million).

The investment company sold 20.34 million shares at 0.750 rial each in Bank Dhofar, the country’s third largest lender by assets. Bank Dhofar increased 0.7 percent to 0.732 rial.

Al Anwar gained 2.7 percent, the most since July 1, to 0.154 rial.

Qatar Telecom, the phone company that controls Oman based Nawras, climbed 5 percent to 182.1 riyals, the highest in more than two years. Nawras said Sept 7 it may raise as much as $608 million in an initial public offering.

Arabian Business: why we're going behind a paywall

For all the latest Qatar news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.