Dhofar International Development and Investment Holding Co., an investor in banks, ports and power stations in Oman, is among five companies that will gain entry to the country’s benchmark index from July 1, the bourse said.
Financial Services Co., Global Financial Investment, Gulf Investment Services Co. and National Aluminum Production will be joining Dhofar. Al Maha Petroleum Products Marketing Co., Port Services Corp. SAOG, United Finance Co., Transgulf Investment Holding Co., and Construction Materials IND will leave the index, the stock exchange said today.
Dhofar surged as much as 10 percent today and closed 8 percent higher at 0.426 rial. National Aluminum gained 3.8 percent, the most this month.
“I expect Dhofar to have a weight of around two to three percent in the index starting July 1,” said Joice Mathew, senior manager of research at United Securities Oman. “Indexed fund and portfolio managers would try to adjust their portfolio holdings accordingly, and this could be the major reason why we saw an upward surge in these stocks.”
The selection is based on liquidity, market value and earnings per share, the exchange said.
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