Oman shares advanced the most in more than two weeks, rising for the first time in 10 days, on bets a drop prompted by lower first-quarter earnings was overdone.
Renaissance Services SAOG (RNSS), an Omani provider of services to the oil and gas industry, climbed as much as 0.8 percent. Oman Telecommunications Co. (OTEL), the Persian Gulf country’s biggest telephone company, gained the most in more than a week. The MSM30 Index (MSM30) rose 0.3 percent to 6,048.33, the most since May 2, at the 1 p.m. close in Muscat, trimming its drop for the week to 1.8 percent. Kuwait’s measure lost 0.2 percent and Dubai’s DFM General Index (DFMGI) fell 0.4 percent.
“Institutional buying interest is seen at the current lower levels,” said Kanaga Sundar, senior manager of research at Gulf Baader Capital Markets SAOC in Muscat. The market had dropped “in the negative zone on lower volumes with the added impact of disappointing first-quarter earnings of some index heavyweights.”
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