Muscat: The MSM30 Index ended on a flat note to close at 5997.44 points, down by 0.06 per cent. Transgulf Investment Holding was the most active in terms of volume, while Gulf Investment Services was the most active in terms of turnover. Oman Chlorine was the top gainer yesterday and closed up by 8.15 per cent, while Sohar Power was the top loser, losing 8.66 per cent.
A total number of 2,269 trades were executed in yesterday's trading session generating a turnover of OMR10.31 million with over 51 million shares traded. Out of 60 traded stocks, 23 advanced, 18 declined and 19 remained unchanged.
Foreign investors were net buyers for OMR50,000 followed by GCC and Arab investors for OMR6,000 while Omani investors switched to net sellers for OMR56,000 worth of shares.
Financial Sector Index was up by 0.20 per cent and closed at 7067.37 points. Financial Services, Oman & Emirates, Gulf Investment Services, Transgulf Holding and Global Financial Investment increased by 7.46 per cent, 6.42 per cent, 6.36 per cent, 4.72 per cent and 2.97 per cent, respectively.
Bank Sohar, Oman United Insurance, Bank Muscat, Al Sharqia Investment and Bank Dhofar declined by 1.05 per cent, 0.90 per cent, 0.80 per cent, 0.79 per cent and 0.79 per cent, respectively.
The Industrial Sector Index closed at 8215.21 points, down by 0.11 per cent. Oman Chlorine, Oman Fisheries, Gulf Mushroom Products, Construction Material Industries and Galfar Engineering increased by 8.15 per cent, 3.74 per cent, 2.77 per cent, 1.82 per cent and 1.39 per cent, respectively.
Oman Packaging, Majan Glass, Oman Cables, National Aluminium Products and Gulf International Chemicals declined by 6.88 per cent, 5.80 per cent, 3.55 per cent, 1.29 per cent and 0.54 per cent, respectively.
Services Sector Index closed at 3118.46 points, down by 0.55 per cent. Al Kamel Power, Renaissance Services and Nawras increased by 4.80 per cent, 0.83 per cent and 0.56 per cent, respectively. Sohar Power, Port Services Corp, Al Jazeira Services, OIFC and ACWA Power Barka declined by 8.66 per cent, 1.44 per cent, 1.06 per cent, 0.37 per cent and 0.24 per cent, respectively.
Arabtec Holding slumped to the lowest level in more than a year on investor concern the United Arab Emirates builder's plan to raise capital via convertible bonds may dilute the positions of shareholders.
Shares of the country's biggest construction company by market value fell 3.2 per cent to Dh2.10, the lowest level since February 2012, at the close in Dubai. Arabtec was the most traded and the biggest decliner on Dubai's benchmark DFM General Index, which slumped 1.2 per cent. Some 50 million Arabtec shares were traded, more than four times the three-month daily average volume.
Arabtec has lost 29 percent since the company said on February 27 it is seeking to raise $1.74 billion to fund internal growth, acquisitions and joint ventures. The plan includes the issuance of 3.18 billion rights shares at Dh1.5 each as well as the sale of $450 million in convertible bonds.
Technical analysts believe the share is targeting Dh1.90, said Talal Touqan, head of research at Al Ramz Securities in Abu Dhabi. "This will be coupled with even lower valuations due to dilution and a bigger capital base."