Oman index tumbles, leads losses in GCC

07/12/2014 21:05 AST

The Oman index tumbled more than 4 per cent on Sunday to hit its lowest level in 18 months following doubling of gas price for industrial users and after the S&P cut its outlook. The Dubai index ended flat.

The Muscat Securities MSM 30 index declined 4.15 per cent to end at the intraday low of 6,304.29, a level last seen in May 2013.

The companies listed on the exchange said in their statements that the government had doubled the price of natural gas from January 1, 2015 with an additional 3 per cent increase annually thereafter to offset the impact of falling prices on its revenues.

The government is likely to post a deficit of 3.05 billion rials ($7.9 billion, Dh29.1 billion) next year, assuming an average oil price of $80 next year and no additional steps to boost revenue, its state news agency said last month.

“Oman government is looking at alternative source of income. So after increasing royalty for telecom companies they have increased the gas prices for industrials. All of this is weighing on markets there as Oman is relatively weaker compared to other GCC states,” said Rami Sidani, head of investments in the Middle East at Schroders.

The Standard and Poor’s cut its outlook on Oman to negative from stable citing fiscal risk due to falling oil prices.

Oil and gas account for almost 90 per cent of the country’s total revenue.


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