News Column

Muscat Securities Market Index edges higher again

July 8, 2014

United Securities/Bloomberg News

Muscat: MSM 30 index ends higher at 7136.42 points, up by 0.14 per cent. MSM Sharia Index closed at 1063.74 points, down by 0.15 per cent.  National Aluminium Products was the most active in terms of volume as well as turnover.  National Gas was the top gainer of the day with 1.50 per cent gain while National Aluminium Products was the top loser and closed down by 7.96 per cent.

A total number of 1418 trades were executed in Tuesday's trading session generating turnover of OMR8.29 million with over 26.12 million shares traded. Out of 51 traded stocks, 18 advanced, 18 declined and 15 were unchanged.

At the session close, GCC & Arab investors were net buyers for OMR192,000 followed by Omani investors for OMR89,000 while foreign investors were net sellers for OMR281,000 worth of shares.

Financial Sector Index was up by 0.02 per cent at 8770.06 points. National Bank of Oman, Bank Sohar, Al Madina Investment and Bank Muscat increased by 1.14 per cent, 1.12 per cent, 0.94 per cent and 0.59 per cent respectively. DBIH, Al Madina Takaful and  Bank Nizwa declined by 2.35 per cent, 1.59 per cent and 1.19 per cent respectively.

The Industrial Sector Index was down by 0.64 per cent at 10133.81 points. Oman Cables was the only gainer in the sector and was up by 0.79 per cent to close at OMR2.540.

National Aluminium, Construction Material Industries, Al Anwar Ceramic Tiles and Al Hassan Engineering declined by 7.96 per cent, 1.92 per cent, 1.37 per cent and 1.23 per cent respectively.

Services Sector Index was up by 0.29 per cent at 3643.56 points. National Gas, Nawras, Omantel and Port Services Corp increased by 1.50 per cent, 1.32 per cent, 0.90 per cent and 0.87 per cent respectively. OIFC, ACWA Power Barka and Al Batinah Power declined by 0.76 per cent, 0.59 per cent and 0.54 per cent respectively.

Al Hamra seeks loan

Al Hamra Real Estate Development, owned by Ras Al Khaimah's ruling family, plans to borrow Dh400 million ($109 million) to fund the expansion of the emirate's largest mall.

The company has mandated Goldman Sachs Group to arrange the loan and be the sole book runner, Al Hamra Chief Financial Officer Behzad Khan said by phone yesterday. The 7-year facility will close by the end of August and will have an "overall" interest rate of 3.3 per cent, he said.

"Interest rates are on the floor right now and I don't see it going below that level," Khan said. "It's very cheap money."

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Source: Times of Oman

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