News Column

MSM index ends higher

January 20, 2014

United Securities /Bloomberg News

Muscat : MSM30 Index ended higher at 7,165.13 points, up by 0.36 per cent. MSM Sharia Index closed at 1129.73 points, marginally down by 0.03 per cent. OIFC was the most active in terms of volume as well as turnover. Bank Sohar was the top gainer and closed up by 3.56 per cent while Dhofar Cattlefeed was the top loser and closed down by 4.56 per cent. A total number of 1,987 trades were executed in yesterday's trading session generating turnover of OMR12.49 million with over 41.28 million shares traded. Out of 58 traded stocks, 13 advanced, 12 declined and 33 were unchanged. Foreign investors were net buyers for OMR448,000 followed by Omani investors for OMR229,000 while GCC & Arab investors were net sellers for OMR677,000 worth of shares. Financial Sector Index up by 0.53 per cent at 8603.72 points. Bank Sohar , Taageer Finance , United Finance , Global Financial Investment and Al Sharqia Investment increased by 3.56 per cent, 2.44 per cent, 1.88 per cent, 1.18 per cent and 1.11 per cent respectively. Gulf Investment Services , Bank Nizwa and HSBC Bank Oman declined by 1.75 per cent, 0.98 per cent and 0.58 per cent respectively. The Industrial Sector Index down by 0.22 per cent at 11,003.26 points. National Aluminium Products and Raysut Cement increased by 1.40 per cent and 0.48 per cent respectively. Dhofar Cattlefeed, Jazeera Steel Product, Construction Material Industries , ASaffa Foods and Al Hassan Engineering declined by 4.56 per cent, 1.54 per cent, 1.41 per cent, 0.44 per cent and 0.39 per cent respectively. Services Sector Index marginally up by 0.16 per cent and closed at 3765.65 points. OIFC and Renaissance Services increased by 2.45 per cent and 0.50 per cent respectively. Port Service Corp and Sembcorp Salalah declined by 0.34 per cent and 0.25 per cent respectively. GFH shares soar Gulf Finance House (GFH) climbed to the highest in more than 22 months after the investment company said it signed an agreement with a group of British investors to sell 75 per cent of its stake in Leeds United. The shares gained 9.6 per cent to Dh0.86 in Dubai , the highest close since March 2012 . GFH will retain a 10 per cent holding in the club after completion of the deal, it said in a statement on the Dubai Financial Market (DFM) website, without disclosing its value, citing a confidentiality agreement. The Bahrain -based firm is selling Leeds about 14 months after buying the soccer club as it prepares to begin making payments on $110 million of debt it restructured in May 2012 . The transaction, which requires approval from the English Football Association , will have a positive impact on the company's financial position, GFH said in the statement. "The disposal of an asset like Leeds United will bring cash for the company to meet its refinancing obligations," Montasser Khelifi , a Dubai -based senior manager for global markets at Quantum Investment Bank , said in an e-mailed response to questions. "That explains the positive market reaction to the deal announcement." The company's shares rose for a third day after it said on January 15 it had signed an agreement to sell a stake in the club. Its Kuwait -listed stock rose 8.6 per cent, while it gained 9.8 per cent in Manama . Volume of shares traded in Dubai was almost five times the three-month daily average.

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Source: Times of Oman

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