Oman's bluechip stocks surged on Thursday as volumes peaked and funds returned to the battered market, while most Gulf markets closed higher with investors optimistic that U.S. Federal Reserve Chairman will announce new measures on Friday to help the U.S. economy.
Oil services firm Renaissance Services surged 5.3 percent, accounting for the highest trading volumes in Oman. The stock plummeted to a 2009-low last week after it discovered financial fraud at unit Topaz and reported a 77-percent drop in first-half net profit.
Investors shifted focus to company fundamentals and bought battered stocks on cheap valuations. The benchmark index slumped to its lowest level in two-years on Aug. 11 amid a regional downtrend on fears the global economy is retreating into a recession.
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