Mideast Stocks: Most major Gulf markets slip but Oman bucks trend with sharp rise | ZAWYA MENA Edition:
Most major Gulf stock indexes fell at Wednesday's open, with Abu Dhabi dragged down by its top lender, but Oman bucked the trend as financial stocks led a sharp rise as the market reopened after a three-day break.
Oman's blue-chip bourse, which had closed following the death of Sultan Qaboos bin Said, rose 1.5% for its biggest intraday gain this month. Bank Muscat rose 3.7%, while Raysut Cement was up 7.6% after reporting a large rise in full-year net profit.
Saudi Arabia's benchmark index edged down 0.1%, hurt by a 0.6% fall in Saudi Aramco and a 0.7% drop in Saudi British Bank.
On Wednesday, JP Morgan initiated coverage of state-owned Aramco with an "overweight" rating and price target of 37 riyals ($9.86), a stronger recommendation than Goldman Sachs' "neutral" and Morgan Stanley's "underweight" ratings.
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