Oman Shares Climb to Two-Week High on Bank Dhofar Stake Sale: Qtel Gains
Oman shares advanced to the highest in more than two weeks, led by Dhofar International Development & Investment Holding Co. and Al Anwar Holdings SAOG. Qatar Telecom QSC. gained, raising the country’s benchmark index.
Dhofar International surged the most in almost three months after it sold a 2.5 percent stake in Bank Dhofar SAOG. Al Anwar, the sultanate’s investor in manufacturing companies, increased the most since July. Oman’s MSM30 Index gained 0.3 percent to 6,301.83, the highest since Aug. 23, at the 1 p.m. close in Muscat. Qatar’s QE Index advanced 0.8 percent.
The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, ends tomorrow with the celebration of Eid. Exchanges in the United Arab Emirates, Kuwait and Saudi Arabia are already shut for the holiday. Oman and Qatar’s bourses will close from Sept. 12.
Emerging-market stocks climbed for the first time in three days as Philippine exports and Australian jobs rose more than economists estimated, easing concern that the global recovery will falter. Bahrain’s measure increased 0.7 percent as Arab Banking Corp. advanced.
Dhofar International rose 6.3 percent, the most since June 17, to 0.471 rial, giving the company a market value of 94.2 million rials ($245 million). The investment company sold 20.34 million shares at 0.750 rial each in Bank Dhofar, the country’s third-largest lender by assets. Bank Dhofar increased 0.7 percent to 0.732 rial.
Al Anwar gained 2.7 percent, the most since July 1, to 0.154 rial.
Qatar Telecom, the phone company that controls Oman-based Nawras, climbed 5 percent to 182.1 riyals, the highest in more than two years. Nawras said Sept. 7 it may raise as much as $608 million in an initial public offering.