Omani shares climbed to the highest in almost eight months, led by Bank Dhofar SAOG (BKDB) after a court ruled in favor of the nation’s third-largest lender.
Bank Dhofar surged the most in more than eleven years after the Appeals Court ruled the bank didn’t need to transfer 26.1 million rials ($68 million) to the Enforcement Court’s account. Dhofar International Development & Investment Holding Co. (DIDI), which according to data compiled by Bloomberg owns a 27.5 percent stake in the bank, surged 8.2 percent. The MSM30 Index (MSM30) rose 0.9 percent to 5,957.32, the highest since July 19, at the 1 p.m. close in Muscat. The Bloomberg GCC 200 Index (BGCC200) gained 0.1 percent at 1:32 p.m. in Dubai.
“The announcement lifted sentiment as it will effectively bring cash back to the bank,” said Kanaga Sundar, head of research at Gulf Baader Capital Markets SAOC in Muscat. “If they get the money, the bank will most likely report improved profitability this year, and that’s what the market is looking at.”
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