Sunday 28 August 2011

MIDEAST STOCKS-Oman at 3-wk high; Gulf mkts up on global cues | Reuters

Oman's index climbed to a three-week high on Sunday, as local pension fund buying boosted the battered market, while other regional markets also rose amid muted trading ahead of the extended Eid Al Fitr holidays.

The Gulf state's index ended 2.1 percent up, its highest close since Aug 4, with most bluechip stocks advancing. The index has fallen 17 percent year-to-date.

"We are seeing a lot of money coming in from local pension funds as well as some foreign investors," said Adel Nasr, brokerage manager at United Securities in Muscat.

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