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Muscat bourse rebounds, ends four-day losing streak

The Omani stock exchange's MSM30 Index closed Thursday trading with a gain of 0.36% and ended at 5,577.29 points. National Bank of Oman topped the charts, closing 2.50% higher at OR0.288. Oman's banking sector got a boost from the government after it allowed Islamic banking services in May last year. Shares of Bank Muscat gained 0.92%, finishing at OR0.551. Earlier in the day, Zawya reported that Bank Muscat "is all set to raise OR96.m from a rights issue aimed at enhancing Tier 1 capital. The bank is offering 226.5 million shares at 0.427 baisa per share comprising a nominal value of 100 baisa, premium of 325 baisa and issue expense of 2 baisa per share." The proceeds will be used to finance the lender's expansion and its the Islamic window in particular.