10 days ago when Omantel's share price started to nose dive I went to NBO and paid off most of the IPO financing which I had taken from them and signed a sell order to sell 550 shares to cover the remaining amount. On that day the price of the share was around 1.98. If they had sold that day it would have covered my outstanding and left me with about 100 rials cash to spare. Two days ago I called the branch to tell them I want to close the account and withdraw the cash. They told it's not possible to close my account because there's an overdraft still outstanding. How could that be? I told you to sell a week ago? Oh we don't know, our brokerage department didn't execute the sale. By this point the share's price had come down to about 1.84 and the very next day it collapsed to 1.77 which means that if they sell now it won't be enough to cover my overdraft, let alone leave with me 100 rials of profit. In fact at 1.77 I would still owe them about 25 rials. I wrote a complaint to the head of NBO's brokerage. Two days later I still haven't received any word from NBO. No one's called to explain what happened or even to apologize.
To add insult to injury I just got the following SMS on my mobile:
Your Omantel IPO loan with NBO has expired. Contact your branch to repay/renew the loan or sell the shares. For more details call 800770077.
I swear, holding on to your sanity is a full time effort in this country.