Expert terms Muscat fall strong correction

Muscat: On a day when Oman's Muscat Securities Market (MSM) fell only a marginal 25.9 points (0.35 per cent) a senior official of a German company predicted that the MSM will bounce back sooner than later.

"It is not the end of the world, [the] market [MSM] will recover sooner than later as it is witnessing more of a strong correction," Yousuf Ahmad, International Business Development Manager with Germany's Baader Bank AG, told Gulf News on Sunday.

Baader Bank AG specialises in market making and has a tie-up with Oman-based Gulf Investment Services and they operate as Gulf Baader Capital Markets.

Ahmad, a German of Egyptian origin, is in Muscat as part of a tour of the GCC countries.

"It is more a case of reversion to the mean as far as MSM is concerned," reckons Ahmad, who believes that there was no need for governments in the region to pump in funds that could only provide a short-term solution.

"The government should buy equity, keep it and sell it during better times for a long-term solution," he said.