The MSM30 index registered its fourth straight day of gains adding 0.31 per cent to close at 5435.96.

The Services index posted an increase of 0.27 per cent at 3074.98 followed by the Financial gauge which rose 0.15 per cent at 6513.89. The Industrial index inched down 0.06 per cent at 6808.72.

Top gainers include National Pharmaceutical (+10 per cent) Oman Investment and Finance (+7.14 per cent) and Oman Fisheries (+1.92 per cent) while the chief laggards were: Majan Glass (-5.24 per cent) Galfar Engineering and Construction (-1.37 per cent) and Bank Nizwa (-1.37 per cent).

Dubai stocks climbed to the highest level in three weeks as low valuations lured investors who are hunting for bargains. Saudi Arabian equities fell.

The DFM general index which sank to the cheapest value in almost three years this month climbed the most in almost a week to 3160.92 at the close. Arabtec Holding Co the UAE's largest publicly listed construction company was the most-traded stock.

The Tadawul all share index in Saudi Arabia retreated to the lowest level since December 21 as of 2:04pm in Riyadh.

Brent crude gained 4.9 per cent in two days last week to US$37.89 per barrel on Thursday after sinking to the lowest level since July 2004 on December 22.

Kuwait's SE index rose 0.5 per cent Qatari shares added 0.4 per cent. The Bahrain bourse all share index and Abu Dhabi's ADX general index advanced 0.1 per cent each

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg