Saudi stocks led Middle Eastern markets lower as oil languished near US$40 a barrel and the Easter weekend holiday in Europe sapped volumes. Equities in Dubai extended the longest losing streak in more than two months

Trading activity on the Muscat bourse remained healthy despite the 9.4 per cent drop in volumes to 32.8mn. Turnover rose 17.16 per cent to RO6.5mn. Of the 44 traded companies 23 closed higher while six slipped and 15 remained unchanged.

The Financial sub-index hit 7003.18 for a daily increase of 1.29 per cent. It was followed by the Industrial index which closed 0.33 per cent higher. The Services gauge however ended down 0.36 per cent at 3116.84. The MSM Shariah index closed down 0.64 per cent to 847.79 points.

Top gainers included Global Financial Investment (+7.43 per cent) Galfar Engineering (+4.35 per cent) and Oman & Emirates Investment Holding (+4.17 per cent) while laggards included Muscat Finance (-6.5 per cent) Omantel (-3.75 per cent) and Bank Nizwa (-3.75 per cent).

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg