Oman in biggest drop in more than two years

Oman's index plunges to a seven-month low, making its largest drop for more than two years following deadly protests in the port city of Sohar. The benchmark drops 4.9 per cent to 6,142 points, its lowest finish since July 22 and biggest drop since January 28 2009 Bank Muscat falls 9.7 per cent, National Bank of Oman slides 5.6 per cent and Renaissance Services drops 8.3 per cent. Bank Sohar falls 9.2 per cent.

Omani protesters demanding political reforms blocked roads to a main export port and refinery in Sohar on Monday and a doctor said the death toll from clashes with police in the Gulf Arab sultanate had risen to six. "There has been a shift in the sands so that people are now beginning to realise potential revolutions are now on the doorstep of the GCC (Gulf Cooperation Council), whereas previously they were one step removed," says a Dubai-based analyst who asked not to be identified. "The consensus view two weeks ago was that the GCC was entirely immune, but events in Oman and Bahrain have shown that it is susceptible and people are trying to work out how much further unrest will penetrate the GCC."