News Column

Muscat Securities Market index moves up

June 1, 2014

United Securities/Bloomberg News

Muscat: MSM 30 index closed with gains at 6,890.75 points, up by 0.49 per cent. MSM Shariah Index also closed up by 0.16 per cent at 1,069.46 points.

Oman & Emirates was the most active in terms of volume, while Omantel was the most active in terms of turnover. DBIH, which gained 9.27 per cent, was the top gainer, while Voltamp Energy declined by 1.41 per cent making it the top loser of the day.

Altogether 1,721 trades were executed in Sunday's session generating turnover of OMR8.29 million with over 27.03 million shares traded. Out of 49 traded stocks, 26 advanced, five  declined and 18 remained unchanged.

At close of the session, Omani investors were net buyers to the tune of OMR528,000 worth of shares followed by GCC & Arab investors at OMR240,000. Foreign investors sold shares amounting to OMR768,000.

Financial Sector Index closed at 8,210.35 points, up by 0.70 per cent. DBIH,  Oman & Emirates, Global Financial Investment and  Gulf Investment Services  increased by 9.27 per cent, 5.70 per cent,5.15 per cent, 4.51 per cent and 4 per cent respectively. Ahli Bank was the only loser in the sector and was down by 0.56 per cent to close at 176 baisas.

Industrial Sector Index closed at 10,210.11 points, up by 0.25 per cent. Al Hassan Engineering, Gulf International Chemicals, Galfar Engineering and National Aluminium increased by 2.89 per cent, 2.27 per cent, 2.26 per cent and 1.38 per cent respectively. Voltamp Energy was the only loser in the sector and was down by 1.41 per cent to close at 420 baisas.

Services Sector Index gained 0.06 per cent to close at 3,668.77 points. National Gas and Oman Telecom increased by 3.48 per cent and 0.62 per cent respectively. OIFC was the only loser in the sector and was down by 1.01 per cent to close at 296 baisas.

Egypt stocks slump

Egypt's benchmark EGX 30 Index fell the most in a year after the government said it's preparing a levy on investor profits. Abu Dhabi's measure also retreated.

Egypt's gauge dropped 5 per cent to 7,832.37 in Cairo. Trading was halted for 30 minutes after the broader EGX 100 Index slid 5 per cent. About 563 million Egyptian pounds ($79 million) of stocks traded, compared to a one-year full- day average of 593 million pounds. Commercial International Bank Egypt, the country's biggest publicly traded lender, led declines with a 2.6 per cent retreat. Abu Dhabi's ADX General Index fell from an eight-year high reached on May 29.

Stocks in the North African country have tumbled 11 per cent over the past four days amid plans for the tax and as investors collected profits on former army chief Abdel-Fattah El Sisi winning the presidency.

The government submitted a draft law today for ratification, calling for a 10 per cent tax on net realised portfolio profits and cash dividends, according to a bourse statement.

"The market is panicking, especially retail investors that have made substantial profits," Mohammed Ebeid, head of brokerage at EFG-Hermes, said by phone from Cairo. "This tax will have a long-term impact, especially on companies that are considering initial public offerings."

The Abu Dhabi Securities Market General Index declined 1.8 per cent in the final trading session before the United Arab Emirates and Qatar are upgraded to emerging markets status by index provider MSCI. National Bank of Abu Dhabi dropped 6.7 per cent, the most since December 2009, to Dh16.1. Dubai's DFM General Index, slid 0.6 per cent.

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Source: Times of Oman

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