Business | Markets
Share markets rise in UAE and Oman
Oman's index gained as the completion of the subscription phase for the share sale of Voltamp Energy SAOG brought investors back into the market.
- Bloomberg
- Published: 17:16 June 5, 2008
Dubai: Oman's index gained as the completion of the subscription phase for the share sale of Voltamp Energy SAOG brought investors back into the market.
Shares in the United Arab Emirates also advanced.
Oman Telecommunications Co. rose for a fourth day on speculation the government plans to sell part of its 70 percent stake in the company soon.
Al Khaznah Insurance Co. jumped as it raised its foreign-ownership limit. Commercial Bank International PSC increased after appointing a new chief executive officer.
The Muscat Securities Market 30 Index rose 1.2 percent to a record 12,068.79, bringing the seven-day gain to 5.3 percent.
Bank Muscat SAOG, Oman's biggest bank, gained for a second day, advancing 1.4 percent to 2.133 rials.
The Abu Dhabi Securities Exchange General Index added 0.1 percent to 5,143.07 at 13:34 p.m. local time. The Dubai Financial Market General Index rose 0.2 percent.
Al Khaznah rose 1.2 percent to 3.31 dirhams. The U.A.E.- based insurer will allow foreign investors to own up to 25 percent of its shares, increasing the limit from the 5 percent previously allowed.
Commercial Bank International climbed 3.6 percent to 2.88 dirhams. The Dubai-based bank appointed Douwe Oppedijk as CEO.
The Kuwait Stock Exchange Index advanced 0.4 percent, while Qatar's Doha Securities Market Index added 0.5 percent. Bahrain All Share Index gained less than 0.2 percent. Saudi Arabia's market is closed for the weekend.
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