Raysut Cement surges, Oman index rises

Raysut Cement surges as investors continue to buy the stock citing its attractive dividend yield helping Oman's broader index touch its highest levels since November 2008. "Healthy dividend announcements have strengthened investor sentiments in the market," Ajeev Gopinath, assistant vice president, asset management at Gulf Baader Capital Markets said. Raysut Cement rises 3.1 per cent in early trade while the Oman index gains 0.3 per cent. "Raysut provides yield of 5.6 per cent .. .. also recently the company has announced its plans to acquire start cement group of companies...which has presence in Abu Dhabi, Bahrain, Yemen, Bangladesh and Sudan," Gopinath said. Other bluechips also rise. Galfar Engineering rises 0.4 per cent while Bank Muscat climbs 0.2 per cent.