Muscat: The MSM30 Index extended its gain for the sixth day in a row and closed at 6153.25 points, up by 0.81 per cent. Construction Material Industries remained as the most active in terms of volume while Bank Muscat was the most active in terms of turnover.

Construction Material Industries was the top gainer for the day and closed up by 6.90 per cent, while Oman United Insurance was the top loser for the day and closed down by 2.02 per cent. 

A total number of 2296 trades were executed in yesterday's trading session generating turnover of OMR9.74 million with over 36.45 million shares traded. Out of 55 traded stocks, 32 advanced, eight declined and 15 remained unchanged.

Foreign investors were net buyers for OMR1.58 million followed by GCC and Arab investors for OMR0.52 million while Omani investors were net sellers for OMR2.10 million worth of shares. 

Financial Sector Index was up by 0.87 per cent and closed at 7327.86 points. DBIH, United Finance, Al Anwar Holding, Bank Sohar , Bank Muscat and Bank Dhofar increased by 4.84 per cent, 3.35 per cent, 2.15 per cent, 1.60 per cent, 1.59 per cent and 1.52 per cent, respectively. United Insurance, Transgulf Holding, Oman Orix Leasing, HSBC Bank Oman and ONIC Holding declined by 2.02 per cent, 0.84 per cent, 0.67 per cent, 0.52 per cent and 0.31 per cent, respectively. 

The Industrial Sector Index closed at 8361.27 points, up by 0.49 per cent. Construction Material Industries, Al Hassan Engineering, Galfar Engineering, Voltamp Energy and Raysut Cement increased by 8.07 per cent, 2.86 per cent, 1.93 per cent, 1.73 per cent and 1.06 per cent, respectively. Oman Ceramics, Oman Flour Mills and Dhofar Cattlefeed declined by 1.12 per cent, 0.56 per cent and 0.34 per cent, respectively. 

Services Sector Index closed at 3236.59 points, up by 0.80 per cent. Sohar Power, Al Maha Marketing, ACWA Power Barka, Renaissance Services and Oman Telecom increased by 5.28 per cent, 1.88 per cent, 1.55 per cent, 1.19 per cent and 1.08 per cent, respectively.

Abu Dhabi's benchmark index climbed to the highest level in more than two weeks as investors bought banking stocks to take advantage of higher dividends.

First Gulf Bank PJSC, which recommended a cash dividend of 83 fils a share for 2012, rose to the highest on record. Abu Dhabi Commercial Bank PJSC advanced for the second time in three days. The ADX General Index gained 0.6 per cent to 3,049.60, the strongest close since February 27. Dubai's DFM General Index increased 0.1 per cent.

United Arab Emirates financial institutions have raised dividends as they recover from the impact of the global credit crisis which slowed lending, hit investment banking, and led to a surge in loan-loss charges. Abu Dhabi banks offer an average dividend yield of 5.2 per cent versus 3.4 per cent for the Bloomberg GCC 200 Financial Index of the Gulf Cooperation Council's most-traded stocks.

"Investors are switching positions to high-dividend paying stocks like banks in Abu Dhabi," said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities. "Earnings prospects are good for banks this year with potential growth in aggregate profits of at least five per cent."