Mubasher: the National Bank of Oman (NBO) recommended ‘Buy’ on Oman International Development and Investment (Ominvest) stock, setting the target price at OMR 0.600.

The bank’s report, released on Monday, said that the target price exceeds the stock’s current price of OMR 0.570 by 5.3%, and expected the stock to test the level of OMR 0.600, but a decline below OMR 0.532 may halt its uptrend.

The stock reached the previous target price set by NBO on 23 February after rising 12.4%, and rose once again by 4.9% after re-iterate call on 26 April.

Ominvest’s current price is the highest since its listing on the Muscat Securities Market (MSM), while its lowest level was in the beginning of January at OMR 0.436.

The stock stood at OMR 0.570 in today’s mid trading as 163,900 shares were exchanged at OMR 93,400.