News Column

Muscat Securities Market index ends higher

June 16, 2014

United Securities/ Bloomberg News



Muscat: The MSM 30 Index end on a positive note at 6,914.64 points, up by 0.27 per cent. MSM Sharia Index closed at 1,055.14 points, up by 0.09 per cent. Bank Sohar was the most active in terms of volume while Omantel was the most active in terms of turnover. The top gainer of the day was Oman & Emirates Holding, up by 3.81 per cent, while Takaful Oman Insurance which declined by 1.96 per cent, was the top loser of the day.



A total number of 837 trades were executed in yesterday's trading session generating turnover of OMR5.14 million with over 14.15 million shares traded. Out of 46 traded stocks, 19 advanced, three declined and 24 remained unchanged. Omani investors were net buyers for OMR183,000 while foreign investors were net sellers for OMR166,000 followed by GCC & Arab investors for OMR17,000 worth of shares.



Financial Sector Index closed at 8,339.65 points, up by 0.45 per cent. Oman & Emirates Holding, Global Finance & Investments, Al Batinah Development, Al Sharqia Investments and Gulf Investment Services increased by 3.81 per cent, 2.88 per cent, 2.54 per cent, 2.51 per cent and 1.90 per cent respectively. Takaful Oman Insurance and Al Anwar Holding declined by 1.96 per cent and 1.16 per cent respectively. Industrial Sector Index closed at 10,199.03 points, up by 0.15 per cent. Majan Glass, Al Hassan Engineering, Gulf International Chemicals, Voltamp and Al Anwar Ceramics increased by 3.40 per cent, 2.86 per cent, 1.74 per cent, 1.46 per cent and 0.35 per cent respectively.



Services Sector Index closed at 3,671.56 up by 0.07 per cent. OIFC, National Gas and Omantel increased by 1.33 per cent, 1.00 per cent and 0.31 per cent respectively. Sembcorp Salalah was the only loser in the sector and was down by 0.24 per cent to close at OMR2.050.



Dubai stocks drop

Dubai's shares fell to the lowest level in more than two months as Arabtec Holding tumbled and unrest in Iraq escalated.



The DFM General Index dropped 3.1 per cent to 4,468.67, the lowest since March 31, at the close. The gauge, which retreated as much as 5.2 per cent during the day, was the the worst performer among more than 90 tracked globally by Bloomberg. Arabtec slid 10 per cent, the maximum allowed, and Emaar Properties, the stock with the biggest weighting on the measure, retreated 3.2 per cent.



Arabtec shares sank to Dh4.05, the lowest since March 25 and a 45 per cent decline from a record Dh7.40 on May 14. The shares closed 10 per cent lower on Sunday as the Dubai Financial Market website showed Abu Dhabi-controlled Aabar Investments had reduced its holding in the company to 14.32 per cent from 18.85 per cent. The website later updated the stake to 18.94 per cent and blamed a "temporary system glitch" for the error. Aabar last week cut its ownership from 21.57 per cent.



"Arabtec is adding to negative sentiment in the market and no one understands what's going on here," Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services, said in a note to investors yesterday. Abu Dhabi's ADX General Index fell one per cent and Qatar's QE Index slumped 1.7 per cent. Kuwait's SE Price Index retreated 0.5 per cent and Saudi Arabia's Tadawul All Share Index slid one per cent to 9,628.24 at 1:49pm in Riyadh.


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Source: Times of Oman