News Column

Oman's stock market edges higher

August 3, 2014

- United Securities/Bloomberg News



Muscat: The MSM 30 index closed with gains at 7226.18 points, up by 0.35 per cent. MSM Shariah Index also closed marginally up by 0.03 per cent at 1070.85 points.



Alizz islamic bank was the most active in terms of volume as well as turnover. Al Hassan Engineering was the top gainer with 5.59 per cent gain, while Al Madina Takaful, which lost the most, closed declined by 3.33 per cent.



Altogether 922 trades were executed on Sunday's session generating a turnover of OMR9.10 million with over 57.44 million shares traded. Out of 42 traded stocks, 17 advanced, 8 declined and 17 were unchanged. Foreign investors were net buyers to the tune of OMR832,000 worth of share.



Arab and GCC investors were net sellers mounting to OMR473,000 followed by Omani investors at OMR359,000.



Financial Sector Index up by 0.57 per cent at 8805.69 points. Al Anwar HoldingAl Madina Investment, Oman United Insurance  and Ahli Bank increased by 3.15 per cent, 3.06 per cent, 1.52 per cent and 1.52 per cent respectively. Al Madina Takaful, Oman Takaful, Al Sharqiya Investment and HSBC Bank Oman declined by 3.33 per cent, 1.96 per cent, 1.36 per cent and 1.24 per cent respectively. 



The Industrial Sector Index up by 0.78 per cent at 10137.32 points. Al Hassan Engineering, Jazeera Steel Products, Oman Cables, Voltamp Energy and Galfar Engineering increased by 5.59 per cent, 2.87 per cent, 2.75 per cent,2 per cent and 0.76 per cent respectively. Raysut Cement was the only loser in the sector and was down by 0.24 per cent to close at OMR2.065.



Services Sector Index was marginally up by 0.02 per cent at 3682.70 points. SMN Power HoldingNawras , Al Jazeira Services  and  Oman Telecom increased by 0.74 per cent, 0.62 per cent, 0.49 per cent and 0.29 per cent respectively. OIFC, Port Services Corporation and Sembcorp Salalah declined by 1.51 per cent, 0.70 per cent and 0.40 per cent respectively.



Abu Dhabi shares fall

Abu Dhabi stocks fell, following a decline in emerging markets last week and as Aldar Properties' quarterly profit missed estimates. Dubai shares rose.



The ADX General Index retreated 1.1 per cent to 4,998.15, heading for the biggest slide since July 20. Aldar, the emirate's biggest developer, slumped 2.1 per cent, while First Gulf Bank, the lender controlled by the emirate's ruling family, fell 1.4 per cent. Dubai's DFM General Index advanced 0.1 per cent to 4,836.03.



Emerging-market stocks posted their biggest weekly loss since March as Samsung reported lower-than- estimated earnings and Argentina's bond default reduced investor demand for riskier assets. Aldar's second-quarter profit of Dh506 million ($138 million) missed analysts' estimates of Dh583 million.



"This is a spillover of the global market sentiment over the weekend coupled with what is happening in Argentina," Ahmed Shehada, head of advisory and institutions at NBAD Securities, said by phone from Abu Dhabi. "Aldar's results, which are below expectations, didn't help."



Aldar fell to Dh3.69, while First Gulf Bank dropped to Dh17.95. In Dubai, Arabtec, the United Arab Emirates' biggest publicly-traded construction company, climbed 2.1 per cent to Dh4.34.



"There is expectation of some sort of a deal coming through over the next few days" that will see Abu Dhabi government-owned Aabar Investments increase its stake in the builder, Shehada said.




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Source: Times of Oman


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