Oman’s Shares Pace Mideast Declines on Europe Debt Risk, Growth - Bloomberg

Oman’s shares snapped their longest winning stretch since July, pacing declines in the Persian Gulf, as concern European leaders may fail to contain the region’s debt crisis hurt the outlook for the global economy.

Bank Muscat SAOG, the nation’s biggest bank by assets, dropped 2.1 percent. Renaissance Services SAOG (RNSS), a service provider to the oil and gas industry, fell the most since Aug. 17. The MSM30 Index (MSM30) dropped 1 percent, the most since Aug. 16, to 5,735.55 at 12:31 p.m. in Muscat. The measure snapped a six- day gain, the longest since a seven-day advance that ended July 10. The Bloomberg GCC 200 Index (BGCC200), which tracks the biggest 200 companies in the Gulf, slipped 0.2 percent.

“Markets today are trading with a negative bias due to negative international lead,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Europe’s debt fear is still weighing on sentiment with Finland’s prime minister demanding collateral against lending Greece and Merkel Party’s loss in state elections.”

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