Muscat: Amid weak sentiment in the regional markets, MSM 30 Index ended on a positive note to close at 6,774.39 points, a gain of 0.44 per cent. MSM Shariah Index closed flat at 1,067, up by 0.03 per cent. Bank Muscat was the most active in terms of volume as well as turnover. The Financial Corporation was the top gainer of the day, up by 7.33 per cent, while Oman Fisheries, which declined by 5.32 per cent made it the top loser of the day.
A total number of 1,487 trades were executed in yesterday's trading session generating turnover of OMR8.90 million with over 22.71 million shares traded. Out of 54 traded stocks, 16 advanced, 12 declined and 26 remained unchanged. Foreign investors were net buyers for OMR1.87 million followed by GCC and Arab investors for OMR204,000 while Omani investors were net sellers for OMR2.07 million worth of shares.
Financial Sector Index closed with gains at 8050.05, up by 0.53 per cent. The Financial Corporation, Ominvest, National Bank, Al Sharqia Investments and ONIC Holding increased by 7.33 per cent, 2.23 per cent, 1.96 per cent, 1.90 per cent and 1.45 per cent, respectively. Bank Nizwa, Al Izz Islamic Bank, Al Madina Takaful and Al Madina Investments fell by 2.20 per cent, 1 per cent, 0.88 per cent and 0.85 per cent, respectively.
Industrial Sector Index closed at 10,264.09 points, down by 0.14 per cent. Galfar Engineering, National Aluminium and Oman Cement increased by 2.23 per cent, 0.68 per cent and 0.51 per cent, respectively. Oman Fisheries, Voltamp Energy, Construction Materials and A'Saffa Foods declined by 5.32 per cent, 3.56 per cent, 1.69 per cent and 0.49 per cent, respectively.
Services Sector Index gained 0.13 per cent to close at 3,625.29 points. National Gas, Nawras and Omantel increased by 6.95 per cent, 1.81 per cent and 0.64 per cent, respectively. OIFC and Renaissance Services declined by 0.72 per cent and 0.62 per cent, respectively.
Dubai stocks fall
Dubai's benchmark index tumbled the most in almost nine months amid investor bets that gains related to the MSCI Inc. upgrade next month are overdone.
The DFM General Index declined 5.5 per cent, the most since August 27, to 4,855.50 at the close. That made the gauge the worst performer among more than 90 benchmarks tracked by Bloomberg globally. Emaar Properties, the developer of the world's tallest tower, slid 6.3 per cent, Deyaar Development, which last month said quarterly profit almost tripled, slumped 7.1 per cent and Union Properties lost 6.1 per cent.
Dubai's gauge has more than doubled in the past 12 months as index provider MSCI said it would reclassify the United Arab Emirates to emerging market status from frontier and helped by a resurgence in real estate prices. The benchmark traded at an estimated price-to-earnings ratio of 19 on May 14, the highest on record and compared with 11 for the MSCI Emerging Markets Index, according to data compiled by Bloomberg.
"The market has held on to the gains for so long and with MSCI and first-quarter results out of the way, there is hardly any catalyst to move the markets higher," said Montasser Khelifi, a senior manager for global markets at Dubai-based Quantum Investment Bank. "It's time for some profit taking." Emaar, the stock with the biggest weighting on Dubai's gauge, tumbled the most since August 27 to Dh9.60.