Oman news

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28 April 08:30 PM US oil rigs rise for 15 week in row
Mubasher: The number of US oil-rig count has increased last week, according to data revealed by Baker Hughes on Friday. Oil rigs added nine to reach 697 rigs, up from 572 rigs last week. Brent crude futures grew 0.31% to the level of $51.98 per …
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28 April 11:14 AM Oil prices rise on Friday
Mubasher: Crude oil prices went up on Friday, but it tends to record weekly losses for the second week in a row. Oil prices were supported by OPEC Secretary-General Mohammad Barkindo, who said on Thursday that the oil market was moving towards a …
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27 April 06:59 PM MSM in green amid lower liquidity
Mubasher: The benchmark index of Muscat Securities Market (MSM) edged up by 0.93% or 51.01 points week-on-week to reach 5,525.43 points by the week ended on 27 April. The market’s trading value shrank by 48.75% to OMR 12.15 million from 23.71 …
(Photo Credit: Muscat Daily newspaper)
27 April 04:18 PM Rotana to open 9 hotels in Oman by 2020
Mubasher: Rotana for hotel management plans to open nine hotels in Oman by 2020, adding more than 1,600 rooms to its existing inventory of 400 rooms, according to Muscat Daily. The agreement for a 250-room hotel was signed between Golden Group …
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27 April 01:24 PM Al Batinah Power OKs 2.78 baisas/shr for FY16
Mubasher: The board of directors of Al Batinah Power Company approved distributing 2.78% of its paid capital at 2.78 baisas per share for the fiscal year ended 31 December 2016. The shareholders authorised the board to set and distribute cash …
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27 April 12:45 PM MSM ends Thursday in green; all sectors up
Mubasher: The main index of the Muscat Securities Market (MSM) closed Thursday 0.28% or 15.26 points higher to 5,525.43 points. The sectors rose collectively on the back of the market’s leading stocks as Phoenix Power, Bank Sohar, and Gulf …
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27 April 11:34 AM Oman’s Taageer Finance posts 15% profit drop in Q1
Mubasher: Taageer Finance’s unaudited financial statements showed a 14.6% decline in its profits for the first quarter of 2017, compared to the same period of 2016. Profits stood at OMR 910,000 ($2.36 million) in Q1-17, compared to OMR 1.065 …
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27 April 11:01 AM Salalah Port Services OKs 20 baisas/shr for FY16
Mubasher: The annual general meeting (AGM) of Salalah Port Services Company has approved distributing cash dividends, representing 20% of its capital, at 20 baisas per share for fiscal year 2016. The AGM approved the board’s reports of the …
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27 April 10:52 AM National Finance Q1 profits rise 3.5%
Mubasher: National Finance reported a growth of 3.5% in profits during the first quarter of 2017 as compared to the same quarter of 2016. The earnings increased to OMR 1.49 million ($3.86 million) in Q1-17 from OMR 1.44 million ($3.73 million) in …
(Photo Credit: Company website)
27 April 09:42 AM Acwa Power losses near OMR 1m in Q1
Mubasher: Acwa Power Barka on Thursday announced turning to losses in the first quarter of 2017, compared to the same quarter of 2016. The company logged OMR 977,000 ($1.37 million) in losses in Q1-17, against profits of OMR 2.47 million ($3.47 …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
27 April 07:43 AM GCC blue chips likely to attract investments
By: Mahmoud Gamal Mubasher: The Gulf stock markets are expected to see a sideways-to-bullish performance on Thursday as most stocks technically reached attractive price levels, analysts told Mubasher. Most investors tended to trade on blue chip …
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26 April 01:01 PM Al-Falih, Novak to meet over oil prices support – Agency
Riyadh – Mubasher: Saudi minister of energy Khalid Al-Falih is planning to meet the Russian minister of energy Alexander Novak within the next two weeks to discuss the agreement between OPEC and non-OPEC members to support oil prices, Reuters …
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26 April 12:42 PM MSM gains 43.57 pts at Wednesday close
Mubasher: The main index of the Muscat Securities Market (MSM) closed Wednesday 0.8% or 43.57 points up to 5,510.18 points. The increase was due to a rise in leading stocks as Oman and Emirates Investment Holding, Sohar Bank, and Phoenix Power …
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26 April 12:20 PM Construction Materials turns to losses in Q1
Mubasher: Construction Materials Industries & Contracting on Wednesday announced turning to losses in the first quarter of 2017, against profits in the first quarter last year. The company’s losses stood at OMR 27,130 ($70,220) in Q1-17, against …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
26 April 07:57 AM Gulf bourses likely to hold ground Wednesday
By: Mahmoud Gamal Mubasher: The Gulf stock markets are expected to try to hold at their current levels on Wednesday despite lower-than-expected quarterly financials of some companies, in line with the rise of global stocks to record highs, …
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25 April 05:16 PM Egypt to permit visas to residents of Arab countries
By: Amr Adel Dubai - Mubasher: The chairman of the Egyptian Tourism Promotion Authority (TPA), Hesham El-Demeiry, said on Tuesday that Egypt is considering a decision that will grant entry visas for foreigners who are residents of Arab countries …
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25 April 08:04 AM Late blue-chip financials disclosures delays GCC market recovery – Analysts
By: Mahmoud Gamal Dubai – Mubasher: The ongoing state of anticipation seen in GCC bourses is likely to continue on Tuesday as investors fear a delay in first quarter financial disclosures, analysts told Mubasher. On Monday, GCC stock markets saw …
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24 April 01:39 PM National Gas Q1 profits decline 36%
Mubasher: National Gas Company reported a drop of 36% in its profits for the first quarter of 2017, compared to the same period in 2016, according to the company’s consolidated financial statements. Profits stood at OMR 804,440 ($2.08 million) in …
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24 April 12:59 PM MSM loses 7.94 pts at Monday’s close
Mubasher: The main index of the Muscat Securities Market (MSM) closed 0.14%, or 7.94 points, down to 5,466.61 points on Monday. The index was weighed down by the decline of its blue-chip stocks like Al Maha Ceramics Company which shed 2.44%, …
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24 April 08:58 AM Galfar Engineering wins tender worth OMR 17.8m
Mubasher: Galfar Engineering and Contracting has been awarded a tender worth OMR 17.8 million ($46.09 million) by Oman Electricity Transmission Company. The tender relates to the construction of Birkat Al Mouz and Sumail Industrial power stations, …
Traders at Boursa Kuwait (Photo Credit: Arabianeye-Reuters)
24 April 07:35 AM Oil prices to affect Gulf stocks – Analysts
By: Mahmoud Gamal Mubasher: Investors in the Gulf stock markets are anxious over the trend of oil prices, although the Saudi Stock Exchange (Tadawul) restored its active trading amid the Kingdom restored financial allowances. Most markets saw a …
(Photo credit: Omani Ministry of Tourism website)
23 April 04:40 PM Oman ministry to develop Al Nakheel ITC
Mubasher: The Omani Ministry of Tourism will sign an agreement on Monday with Palm Beach Housing for developing the integrated tourism complex (ITC) Al Nakheel at a value of OMR 2.655 million, according to Oman News Agency (ONA). This project is …
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23 April 12:58 PM MSM stable at Sunday's close
Mubasher: The main index of the Muscat Securities Market (MSM) ended Sunday’s trading session at 5,474.54 points, after gaining 0.133 points. The index ended on a stable note due to the varying performance of its leading stocks as Ooredoo rose …
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23 April 12:37 PM Oman grants credit worth OMR 22.2bn by end-February
Muscat – Mubasher: Conventional and Islamic banks and deposit companies in Oman granted credit facilities worth OMR 22.2 billion, rising 8.1% by the end of February 2017, compared to the same month in 2016, according to Oman News Agency (ONA). …
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23 April 10:24 AM Ooredoo Oman profits drop 44% in Q1
Mubasher: The unaudited financial statements of Ooredoo Company showed a decline of 44.4% in profits for the first quarter of 2017. The profits stood at OMR 7 million ($18 million) in Q1-17, compared to OMR 12.6 million ($32.6 million) in Q1-16, …