Bank Nizwa, Oman's first listed Islamic bank, surged on its market debut, although traders warn selling pressure from retail investors could curtail further gains in the coming days.
The stock ended 12.8 percent higher, with 87 million shares changing hands. The most shares traded on any day on the Muscat benchmark index in the last two years was 47.2 million. Bank Nizwa is not yet included in the index.
"It was very impressive. But there was huge selling pressure on the stock, with a lot of retail investors offloading today," said Adel Nasr, brokerage manager at United Securities. Institutions and high net worth investors are buying the stock, Nasr added, but the selling pressure is likely to result in a drop-off sooner rather than later.
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