Oman shares tumble, but Monday rebound seen

Oman's index makes its largest drop in eight months, tracking declines on other Gulf Arab markets as Egyptian unrest spurs active selling. Bank Muscat falls 3.2 per cent, Raysut Cement slides 4 per cent and Oman Telecommunications Co (Omantel) loses 2.4 per cent. "Today was a sentimental session, driven by what is going on in Egypt and the crash on the Saudi market yesterday," says Adel Nasr, United Securities brokerage manager.

"But volumes were excellent and this shows there was strong buying at lower levels. Saudi has rebounded today, which will help repair sentiment for Monday's session and we believe today was a good buying opportunity." The index falls 3 per cent to 6,732 points, its biggest decline since May 25 and lowest close since December 22. Volumes hit a 20-week peak. Saudi Arabia's index is up 2.4 per cent, having fallen 6.4 per cent a day earlier.