|
 |
News |
 |
|
| |
Email this article | 
Print
This Page |
| |
Oman extends record-breaking rally |
| |
1/18/2007 10:17:37 AM |
| |
|
| |
| |
DUBAI: Oman’s stock market extended a record-breaking rally into a fifth trading day yesterday, setting the stage for some profit-taking which analysts said could begin as early as next week.
Any selling would likely be brief as valuations were still attractive and money was still pouring into Oman from the rest of the Gulf – home to the four worst performers on a list of 81 of the world’s biggest stock markets last year, analysts said.
Other Gulf Arab markets traded sideways in low volumes as investors waited for fourth-quarter earnings. Saudi Arabia, the biggest Arab market, was the day’s top gainer, with the benchmark rising 1.33%.
In Oman, anticipation of strong earnings have helped power the rally that made the Muscat bourse the best performer in the region last year. The benchmark has added more than 6% this year to last year’s 14.5% gain and touched a new high every trading day this week.
The index ended 0.39% up at 5,944.45 points, a record close, and just below the new all-time high of 5,945.22 points hit during the session.
Bank Muscat, the stock that led the rally for much of the last quarter, was one of only four losers yesterday, falling 0.17% to 1.210 rials ($3.14).
"We are already seeing some profit-taking in Bank Muscat. That should spread to the broader market soon," said Khalid Abdul Nabi, head of brokerage at Gulf Investment Services in Muscat.
The Saudi index bounced off its lowest close since October 2004 to post its second gain this week. The index closed at 7,215.63 points.
The Saudi bourse was the worst performer in 2006 on the list of 81 markets compiled by US-based Birinyi Associates Inc, a stock-market research firm.
National Bank of Abu Dhabi led gains in Abu Dhabi, touching its highest since October 19 before closing 3.28% up at 23.70 dirhams ($6.45). The index rose 0.35% to 2,985.61 points. – Reuters |
| |
www.gulf-times.com |
news |
| |
Email this article |
Print
This Page
|
|
|
Where
to Stay |
|
|
|
| |
The Jumeirah Beach Hotel |
Description:
Hotel is set on the shores of the Arabian Gulf and built in a startling shape that mirrors a breaking wave, the award winning Jumeirah Beach Hotel has its own private beach.
more
>>
Star Rating:
5
Total Rooms:
599
Request a room.. |
|
Dusit Hotel Dubai
|
Dusit Dubai hotel is situated on Sheikh Zayed Road in the midst of the commercial centre of Dubai. The Dubai International Airport is only a short drive. more
>>
Star Rating:
5
Total Rooms:
174
Request
a room.. |
| |
|
| |
|
|
|
| |
|
|
