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Muscat shares fall marginally


Muscat Securities Market. Photo: Times file

Muscat: The MSM 30 Index ended lower at 7,320.90 points, down by 0.15 per cent. MSM Sharia Index closed at 1,072.33 points, down by 0.12 per cent.  Bank Sohar was the most active in terms of volume as well as turnover. Al Suwadi Power was the top gainer of the day with 5.68 per cent gain, while Construction Material Industries was the top loser and closed down by 5.66 per cent.

A total number of 1,380 trades were executed on Tuesday's trading session generating turnover of OMR7.60 million with over 20.55 million shares traded.

Out of 62 traded stocks, 10 advanced, 19 declined and 33 were unchanged. At the session close, Omani investors were net buyers for OMR368,000 while GCC & Arab investors were net sellers for OMR348,000 followed by foreign investors for OMR20,000 worth of shares.

Financial Sector Index was down by 0.15 per cent at 8940.90 points. ahlibank, Muscat Finance and  Al Anwar Holding increased by 0.89 per cent, 0.69 per cent and 0.63 per cent respectively. Al Sharqiya Investment, Oman Takaful, Gulf Investment Services and Global Financial Investment declined by 2.65 per cent 1.96 per cent, 1.93 per cent and 1.55 per cent respectively.

The Industrial Sector Index down by 0.11 per cent at 10159.42 points. Sweets of Oman and Raysut Cement increased by 0.80 per cent and 0.24 per cent respectively. Construction Material Industries, Majan Glass, Voltamp Energy and Oman Flour Mills declined by 5.66 per cent,3.57 per cent,1.00 per cent and 0.63 per cent respectively.

Services Sector Index was marginally down by 0.01 per cent at 3706.38 points. Al Suwadi Power, Al Batinah Power and Sembcorp Salalah increased by 5.21 per cent, 5.11 per cent and 0.21 per cent respectively. Omantel was the only loser in the sector and was down by 0.28 per cent to close at OMR1.765.

Qatar shares up
Qatari stocks closed at their highest level in more than 11 weeks as investors prepare for an expected inflow of funds at the end of the month when MSCI Inc. adjusts the country's weight on its emerging market gauge.

The benchmark QE Index climbed 0.3 per cent to close at 13,682.04, the highest level since June 1. Qatar National Bank, the lender with the biggest weighting on the index, rose 1.5 per cent, the most since August 18, to 197.30 riyals, and Qatar Islamic Bank SAQ climbed one per cent to 116.20 riyals, the highest since Oct. 2008.

Qatar's stock market was included in MSCI's Emerging Markets Index in June, where its weighting is poised to increase to 0.57 per cent from 0.46 per cent when changes made in the index provider's most recent quarterly review take effect on September 1.

A change in weighting could attract as much as $97 million of additional investment, mainly into Industries Qatar and Qatar National Bank, according to a note published last week by Cairo-based investment bank EFG-Hermes Holding.

"MSCI weight re-balancing in the quarterly review has fueled up another reason for the market to make a move higher," Ahmed Shehada, the Abu Dhabi-based head of advisory and institutions at NBAD Securities, said in a telephone interview on Tuesday. "The active funds are positioning ahead of passive flows in the market."

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