BankMuscat stocks fell for a second straight day as the lender began a rights issue worth 96.7 million Omani rials.
Oman's biggest bank slid 1.1 per cent to 544 baizas in trading yesterday. The share sale ends on July 23.
The bank was among the biggest movers on the wider Muscat Securities Market Index, dragging the benchmark 0.4 per cent lower to 5,534.31.
In Saudi Arabia, stocks slumped yesterday as investors feared a dismal crop of earnings for the second quarter.
The Tadawul All-Share Index fell 1.4 per cent to 6,755.07, with firms including Saudi Basic Industries Corporation (Sabic), Dar Al Arkan and Saudi Telecom Company leading the declines.
The UAE again experienced lacklustre trading and thin volumes, with little news to drive trading.
The Dubai Financial Market (DFM) General Index fell 0.4 per cent to 1,491.95. Emaar Properties, du and Arabtec fell most on the DFM.
The Abu Dhabi Securities Exchange General Index inched 0.1 per cent upwards to 2,478.67.
Banking stocks mounted a tentative rally in the capital as earnings-reporting season drew closer, backed by more substantial gains at Waha Capital and RAK Properties. Most stocks remained unchanged on both indexes.
The slump in volumes was likely to continue until earnings news started to trickle through to UAE markets next week, said Ibrahim Masood, a senior investment officer at the commercial bank Mashreq.
"Volumes have been muted and are trending down, without big price moves in either direction," he told Reuters. "This will probably continue until we start to get some chatter on what earnings might be."
Elsewhere in the Gulf, all other markets fell.
Oil prices rallied to just below US$100, with Brent crude futures rising 21 cents to $99.36 per barrel.
ghunter@thenational.ae
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THREE
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
