Muscat: The MSM30 Index ended on a negative note at 7322.12 points, down by 0.28 per cent. MSM Sharia Index closed at 1069.16, down by 0.08 per cent. Bank Nizwa was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Al Madina Takaful was the top gainer of the day with 2.54 per cent gain while Al Jazeera Steel Product was the top loser and closed down by 2.51 per cent.
A total number of 686 trades were executed in Tuesday's trading session generating turnover of OMR2.68 million with over 7.31 million shares traded. Out of 52 traded stocks, nine advanced, 19 declined and 24 were unchanged. Omani investors remained as net buyers for OMR242,000 while GCC & Arab investors switched to net sellers for OMR221,000 followed by foreign investors for OMR20,000 worth of shares.
Financial Sector Index drops
Financial Sector Index was down by 0.37 per cent at 8871.12 points. Al Madina Takaful, Taageer Finance and Ominvest increased by 2.54 per cent, 0.66 per cent and 0.48 per cent respectively. Bank Nizwa, National Bank of Oman, Al Sharqiya Investment and Global Financial Investment declined by 1.19 per cent, 1.01 per cent, 0.93 per cent and 0.81 per cent respectively.
The Industrial Sector Index was down by 0.17 per cent at 10136.87 points. Al Sweets of Oman, Voltamp Energy, Galfar Engineering and Al Anwar Ceramic increased by 1.19 per cent, 1.01 per cent,0.41 per cent and 0.36 per cent respectively. Jazeera Steel Products, Oman Fisheries and Al Hassan Engineering declined by 2.51 per cent, 2.17 per cent and 1.29 per cent respectively.
Services Sector Index was down by 0.19 per cent at 3742.06 points. SMN Power Holding and Port Services increased by 1.84 per cent and 0.42 per cent respectively. Sharqiyah Desalination, Nawras, Renaissance Services and Sembcorp Salalah declined by 2.00 per cent,1.22 per cent, 1.16 per cent and 0.64 per cent respectively.
Arabtec shares jump
Shares of Arabtec Holding climbed to the highest since July 16 as some investors speculated former Chief Executive Officer Hasan Ismaik is close to selling part of his stake in the builder.
The stock added 2.5 per cent to close at Dh4.57, taking gains in the past four days to 7.5 per cent. Arabtec was the biggest advancer and the most traded on Dubai's DFM General Index on Tuesday, which erased losses to close 0.1 per cent higher.
Khadem Al Qubaisi, chairman of the biggest publicly traded construction company in the United Arab Emirates and its second largest shareholder Aabar Investments, said July 2 the state-controlled investor may increase its Arabtec holding. Aabar is in talks to buy at least half of Ismaik's 27.9 per cent stake and is negotiating a price of Dh5 to Dh6 a share, a person with knowledge of the matter said July 15.
"There is speculation in the market for a few days that Ismaik could soon be selling a third of his stake at a price of Dh5 a share in a block trade," Nayal Khan, head of institutional sales and trading at Naeem Holding brokerage in Dubai, said by telephone phone on Tuesday. "It's not clear who the buyer is, but it's in Aabar's interest to address Ismaik's stake as soon as possible so it could focus more on Arabtec's fundamental issues including liquidity constraints."