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Muscat Securities Market falls marginally



Muscat: MSM 30 index ended lower at 7166.90 points, down by 0.35 per cent. MSM Sharia Index closed at 1070.70 points, up by 0.31 per cent.  Al Batinah Power was the most active in terms of volume while SMN Power Holding was the most active in terms of   turnover.  Shell Oman Marketing was the top gainer of the day with 3.96 per cent gain while Al Madina Investment was the top loser and closed down by 2.94 per cent.

A total number of 904 trades were executed in yesterday's trading session generating turnover of OMR3.54 million with over 10.42 million shares traded. Out of 50 traded stocks, 12 advanced, 17 declined and 21 were unchanged. At the session close, Omani investors were net buyers for OMR426,000 followed by foreign investors for OMR106,000 while GCC & Arab investors were net sellers for OMR532,000 worth of shares.

Financial Sector Index down by 0.84 per cent at 8755.000 points. Taageer Finance, Oman Takaful,  Al Madina Takaful and  Al Sharqiya Investment increased by 1.40 per cent, 0.99 per cent, 0.82 per cent and 0.44 per cent respectively. Al Madina Investment ,Al Anwar Holding, Oman& Emirates and Bank Sohar declined by 2.94 per cent, 2.81 per cent,1.70 per cent and1.49 per cent respectively.

The Industrial Sector Index was up by 0.04 per cent at 10116.07 points. Al Anwar Ceramics, Voltamp Energy and Raysut Cement increased by 1.75 per cent, 0.50 per cent and 0.24 per cent respectively. Galfar Engineering was the only loser and was down by 1.53 per cent to close at OMR0.258.

Services Sector Index was up by 0.18 per cent at 3675.83 points. Shell Oman Marketing, Al Suwadi Power and Al Batinah Power increased by 3.96 per cent, 0.59 per cent and 0.59 per cent respectively. Nawras, Omantel, Sembcorp Salalah and Port Services Corp declined by 0.63 per cent,0.59 per cent, 0.47 per cent and 0.40 per cent respectively.

Dubai shares rise
Dubai stocks advanced, led by Arabtec Holding as some investors bet the selloff in United Arab Emirates' biggest listed builder has bottomed out.

The DFM General Index climbed three per cent at 1:20pm in the emirate to 4,760.83, the highest since June 15, making it the best performer so far today among more than 90 gauges tracked globally by Bloomberg. Arabtec, the biggest gainer in the measure, surged 14 per cent to Dh4.87.

Dubai's gauge entered a bear market last month, falling 27 per cent from a May peak through June 30. Arabtec was at the heart of the selloff, dropping 61 per cent last month, on speculation it may lose the backing of the Abu Dhabi government. Chairman Khadem Al Qubaisi said July 2 the company will announce "positive" earnings this month. Al Qubaisi, who is also chairman of Aabar Investments, Arabtec's second-biggest shareholder, said the Abu Dhabi state-run company may boost its stake in the builder.

Investors are putting Arabtec's trouble behind them and can see "a light at the end of the tunnel," Saleem Khokhar, head of equities at NBAD Asset Management Group, which oversees about $2.5 billion, said by telephone from Abu Dhabi yesterday. "The market came down a long way," and it still hasn't recovered fully, he said. "You are getting quality assets at reasonable prices."

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