News Column

Muscat Securities Market index ends lower

June 9, 2014

United Securities/Bloomberg News

Muscat: The MSM 30 Index closed at 6,933.22 points, down by 0.18 per cent. MSM Shariah Index also declined by 0.34 per cent to close at 1,057.36 points.

Galfar Engineering was the most active in terms of volume, while Omantel was the most active in terms of turnover. With gains of 2.69 per cent, Galfar Engineering was the top gainer. The Financial Corporation, which declined by 6.83 per cent, lost the most.

Altogether 1,085 trades were executed in yesterday's session generating a turnover of OMR4.21 million with over 13.12 million shares traded. Out of 50 traded stocks, 9 advanced, 17 declined and 24 remained unchanged.

Foreign investors were net buyers to the tune of for OMR249,000 worth of share followed by GCC and Arab investors at OMR69,000. Omani investors were net sellers amounting to OMR318,000.

Financial Sector Index closed at 8,362.02 points, down by 0.07 per cent. Tageer Finance, Ahli Bank, Oman United Insurance and Bank Sohar increased by 0.70 per cent, 0.57 per cent, 0.48 per cent and 0.42 per cent respectively. The Financial Corporation, DBIH, ONIC, Global Finance and Investments and Al Sharqia Investments declined by 6.83 per cent, 2.84 per cent, 2.27 per cent, 2.05 per cent and 1.98 per cent respectively.

Industrial Sector Index gained 0.29 per cent to close at 10,248.85 points. Galfar Engineering, Al Hassan Engineering, Dhofar Cattlefeed and Oman Fisheries increased by 2.69 per cent, 2.27 per cent, 1.74 per cent and 1.14 per cent respectively. Majan Glass, National Aluminium and Raysut Cement declined by 3.65 per cent, 1.72 per cent and 0.25 per cent respectively.

Services Sector Index closed at 3,675.89 points, down by 0.24 per cent. Sembcorp Salalah increased by 0.25 per cent to close at OMR2.010. Nawras, National Gas and Omantel declined by 1.71 per cent, 0.97 per cent and 0.31 per cent respectively.

Dubai stocks fall

Dubai's shares fell the most in almost three weeks, led by Arabtec, as investors bet the market's world-beating rally has lost steam.

The DFM General Index retreated 4.1 per cent to 4,771.10 at the close in the emirate, making it the worst performer so far today among more than 90 gauges tracked globally. Shares of Arabtec plunged 9.7 per cent, the most since March 2013, and Emaar Properties dropped 3.7 per cent, after the United Arab Emirates' central bank said the country's property market may be overheating.

"Due to the high profits that people have been able to generate over the past year, you may see continuous selling pressure on the market," Mohammed Ali Yasin, managing director of NBAD Securities in Abu Dhabi, said by phone today. "Breaking the 5,000 level yesterday was a negative signal" and there could be support at 4,750, he said.

Dubai's index is the best-performer globally in dollar terms this year, as the sheikhdom's economy is estimated to expand at the fastest pace since 2007. The rally pushed valuations to 16.7-times earnings, compared with 11-times for the MSCI Emerging Market Index, according to data.

Arabtec, the largest publicly traded builder in the UAE, fell to Dh5.42, the lowest since April 20. Emaar, developer of the world's tallest tower in Dubai, declined to Dh9.58, the lowest since May 21. The UAE central bank said that average rental yields in Dubai and Abu Dhabi had fallen below historical averages as real estate prices rose, indicating the market may be imbalanced.  

Dubai's index is the best-performer globally in dollar terms this year.

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Source: Times of Oman

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