Oman stock exchange ends year 19.6 percent down
Oman’s Muscat Securities Market index ended a relatively miserable year, closing at 19.6 percent lower than its level at the year’s start. In contrast, last year the index gained 9.5 percent.
Nonetheless, standing at 201.2 points, the index had managed to climb back from a four-year low of less than 180 points, after the government instructed a state fund to inject $130 million into the market, in an effort to boost prices.
The final week of trading in 2000 was cut short by the Eid Al Fitr holiday. It was characterized by 0.2 point dip in the index, with seven million shares worth 14.16 million riyals changing hands, compared to 2.11 million shares valued at 2.18 million riyals the previous week.
A feature of the week was the last trading day of Commercial Bank of Oman, which is being merged into Bank Muscat. The reconstituted company will become Oman’s largest financial institution with assets of 1.3 billion riyals.
Trading will resume on January 1. – (Albawaba-MEBG)