Shares in Oman's Ominvest hit a
two-year high, lifting Muscat's index MSI after a local
newspaper report said discussions to float Oman Arab Bank, in
which Ominvest has a stake are at an advanced stage.
Ominvest climbed 6.4 percent, reaching its highest level
since at least March 2009. The firm owns a 51 percent stake in
Oman Arab Bank, according to the latter's website.
"It was announced in a local newspaper that the owner of the
bank has initiated discussions to go public," said Adel Nasr,
United Securities brokerage manager.
"This is positive for the market. Other stocks are also
seeing good movement, like Omantel, due to speculation on Q1
results due before May 15."
Oman Telecommunications Co (Omantel) rose 1.2
percent, while the index climbed 0.7 percent to 6,379 points.For all the latest business 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.
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