Muscat: Fresh fund inflow from foreign investors led the index to end higher at 7328.98 points, up by 1.42 per cent. MSM Sharia Index closed at 1083.84 points, up by 1.20 per cent. Oman & Emirates was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Raysut Cement was the top gainer of the day with 5.57 per cent gain while Construction Material Industries was the top loser and closed down by 1.89 per cent.
A total number of 1917 trades were executed on Monday's trading session generating turnover of OMR8.75 million with over 23.44 million shares traded. Out of 53 traded stocks, 28 advanced, seven declined and 18 were unchanged. Foreign investors remained as net buyers for OMR1.99 million while GCC & Arab investors were net sellers for OMR1.00 million followed by Omani investors for OMR985,000 worth of shares.
Financial Sector Index up by 1.52 per cent at 8939.48 points. Oman & Emirates, ahli bank, National Bank of Oman and Bank Nizwa increased by 3.52 per cent, 3.50 per cent, 3.24 per cent and 2.41 per cent respectively. Al Madina Investment, Global Financial Investment and Oman United Insurance declined by 0.99 per cent, 0.74 per cent and 0.49 per cent respectively.
The Industrial Sector Index up by 0.97 per cent at 10236.05 points. Raysut Cement, Oman Cement, Al Jazeera Steel Product and National Aluminium increased by 5.57 per cent,2.70 per cent,1.86 per cent and 1.22 per cent respectively. Construction Material Industries and Al Anwar Ceramic declined by 1.89 per cent and 0.35 per cent respectively.
Services Sector Index was marginally up by 0.17 per cent at 3689.13 points. Nawras, Omantel, Majan College and Port Services Corp increased by 1.23 per cent, 0.59 per cent, 0.43 per cent and 0.40 per cent respectively. OIFC and Al Jazeira Services declined by 1.53 per cent and 0.49 per cent respectively.
Dubai Investments bullish
Dubai Investments, whose profit jumped 240 per cent in the second quarter after it sold assets, says it may be on the cusp of its first ever investment-grade rating as it bolsters cash holdings.
The company expects the credit rating to be increased by year-end to at least BBB, two steps above junk, according to CEO Khalid bin Kalban. Its Dubai Investments Park Development unit, which raised $300 million from an Islamic bond in February, holds a BB+ grade at Standard & Poor's. Dubai Investments sold a 66 per cent stake in Globalpharma, which was valued at Dh385 million, to Sanofi in June.
"We're flush with liquidity thanks to the sukuk and the Sanofi deal," bin Kalban said by telephone from Dubai on Sunday. "By year-end we are looking at an improvement to our rating."
Shaking off junk status would help Dubai Investments attract investors whose rules prevent them from holding non-investment grade debt, as it seeks to reduce its borrowing costs and fund acquisitions.