News Column

MSM index ends lower

January 26, 2014

United Securities/Bloomberg News

Muscat : The MSM30 Index fell 0.76 per cent yesterday, mainly due to negative global and regional cues and closed at 7145.77 points. MSM Sharia Index closed at 1126.79 points, down by 0.37 per cent. Al Sharqiya Investment Holding was the most active in terms of volume as well as turnover. National Securities remained as the top gainer and closed up by 6 per cent, while DIDIC was the top loser and closed down by 4.46 per cent. A total number of 2,558 trades were executed in yesterday's trading session generating turnover of OMR18.57 million with over 56.12 million shares traded. Out of 60 traded stocks, nine advanced, 27 declined and 24 were unchanged. GCC and Arab investors switched to net buyers for OMR533,000 while Omani investors switched to net sellers for OMR512,000 followed by foreign investors for OMR21,000 worth of shares. Financial Sector Index closed down by 0.94 per cent at 8573.71 points. Oman & Emirates investments and Sharqiya Investment increased by 3.95 per cent and 1.27 per cent, respectively. DIDIC, United Insurance, Taageer Finance , Al Madina Investment and Dhofar Insurance declined by 4.46 per cent, 3 per cent, 2.86 per cent, 2.08 per cent and 2.06 per cent, respectively. The Industrial Sector Index was down by 0.53 per cent at 10968.28 points. Dhofar Cattlefeed, Oman Flour Mills , and Salalah Mills increased by 2.06 per cent, 1.30 per cent and 0.67 per cent, respectively. Construction Material Industry, Gulf International Chemicals , Oman Cement , Al Hassan Engineering and Raysut Cement declined by 2.78 per cent, 2.02 per cent, 1.88 per cent, 1.86 per cent and 1.42 per cent, respectively. Services Sector Index was down by 0.31 per cent and closed at 3782.70 points. National Gas , Sohar Power , and Oman Telecommunications increased by 4.70 per cent, 1.44 per cent and 0.96 per cent, respectively. Al Jazeira Services , Renaissance Services , OIFC, Sharqiyah Desalination and Sembcorp Salalah declined by 2.63 per cent, 1.95 per cent, 1.69 per cent, 0.73 per cent and 0.51 per cent, respectively. Dubai stocks retreat Dubai's benchmark stock index retreated the most in more than two months, joining a global equities selloff. Abu Dhabi's gauge suffered the biggest decline in almost five months. The DFM General Index dropped 2.2 per cent, the most since November 11 , to 3,733.70, at the close in the emirate. The measure, which rose 3.6 per cent on January 23 , has still more than doubled in the past 12 months. Emaar Properties , the emirate's biggest real-estate developer, had the biggest decline in more than two weeks and Dubai Islamic Bank lost 2.6 per cent. Abu Dhabi's gauge slid 1.8 per cent, the most since September 5 , as the United Arab Emirates' government said the country's president is recovering from a stroke. Yesterday's declines follow a broader retreat in world markets last week, when China spurred investor concern that global growth will slow. The MSCI Emerging Markets Index lost 2.3 per cent last week, while the Standard & Poor's 500 Index posted the largest weekly slump since June 2012 . "Investors here are following this global weakness," Montasser Khelifi , a Dubai -based senior manager for global markets at Quantum Investment Bank , said by phone. The president's stroke may have "a limited effect on the market," he said. Debt deal Emaar declined 2.7 per cent, the most since January 7 , to Dh7.80. DIB, Dubai's largest Islamic lender, fell to Dh5.90. Dubai's index jumped the most in more than four months at the end of last week on speculation the emirate reached an agreement with neighboring Abu Dhabi on $20 billion of debt it received to stave off a default.

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Source: Times of Oman

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