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MENAFN - Times of Oman - 04/06/2007

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(MENAFN - Times of Oman) MUSCAT — Share prices continued their rally yesterday with key indices moving up by another 61.83 points to touch 6,264.23. The index was driven by a 4.91 per cent surge in BankMuscat on the back of a strong rally from RO1.240 onwards.

A continuous interest was seen in the bank over the past few trading days, although the exact reason for the up-move is unclear, it seems to be rumour-driven. Interest in OIFC was also noted as it is in the fray for the factoring business for Omantel. It had also announced a dividend of 0.300 baisas per share, which works out to a dividend yield of 12.2 per cent.

Alliance Housing Bank and Onic Holding continued to see sustained buying interest in anticipation of a higher bid for AHB. Raysut Cement and Oman Cables also saw buying interest.

In addition, bank stocks like NBO and OIB were in the limelight as the sector has seen a sustained run up in the past few weeks driven by BankMuscat, Sohar Bank and BankDhofar. Investors are seemingly not yet conscious of the all-time high levels for the market. Stocks to watch out for in the next few days are: Oman Chlorine; Al Hassan Engineering; and AL Jazeira Services.

 






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