Oman’s market hits five-year low
Oman’s stock market hit a five-year low on Sunday, April 29, as the Muscat Securities Market index shed 173 points—reaching its lowest level since May 1996. Investor confidence was exceptionally low, as the market dropped desite marked-down prices.
Dealers stated that the financial performance of the manufacturing and banking sectors affected market sentiment. The central bank reported total net profits of commercial banks in Oman fell 5.2 percent from $173.6 million in 1999 to $164.6 million in 2000.
In November, the MSM index rose 213.3 points following the government’s announcement of an economic revival package, in which the government floated a $129 million investment fund and tried to bail out ailing brokerage firms. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)