Muscat: Despite mixed sentiments in the regional markets, MSM 30 index ended in the green at 6924.08 points, up by 0.36 per cent. MSM Shariah Index also rose by 0.62 per cent to close at 1065.72 points.
Gulf Investment Services was the most active in terms of volume, while Bank Muscat was the most active in terms of turnover. Oman Refreshment was the top gainer and gained 4.07 per cent, while Muscat Finance was the top loser and closed down by 1.86 per cent.
Altogether 1,903 trades were executed in yesterday's trading session generating a turnover of OMR11.85 million with over 34.68 million shares traded. Out of 57 traded stocks, 20 advanced, 14 declined and 23 were unchanged. GCC and Arab investors were net buyers to the tune of OMR1.89 million worth of shares.
Omani investors, who were the net sellers, sold securities worth OMR1.48 million, followed by foreign investors at OMR408,000.
Financial Sector Index was marginally up by 0.09 per cent at 8554.09 points. Bank Muscat, DIDIC, ONIC Holding and Oman & Emirates increased by 5.36 per cent, 1.46 per cent, 0.64 per cent, 0.49 per cent and 0.48 per cent respectively. Al Sharqiya Investment, United Finance, HSBC Bank Oman, Ahli Bank and Ominvest declined by 1.02 per cent, 0.63 per cent, 0.52 per cent, 0.46 per cent and 0.20 per cent respectively.
The Industrial Sector Index was up by 0.58 per cent and closed at 9808.10 points. Oman Refreshments, Oman Packaging, Gulf International Chemicals, Voltamp Energy and Gulf Muhsroom increased by 4.07 per cent, 3.44 per cent, 3.11 per cent, 1.79 per cent and 1.70 per cent respectively. Construction Material Industries, Al Hassan Engineering, Galfar Engineering, National Aluminium and Raysut Cement declined by 1.28 per cent, 1.16 per cent, 0.55 per cent, 0.29 per cent and 0.10 per cent respectively.
Services Sector Index was up by 0.26 per cent and closed at 3,525 points. Nawras, Oman Telecom, Sharqiyah Desalination Co and Sohar Power increased by 1.68 per cent, 1.39 per cent, 0.67 per cent and 0.04 per cent respectively. ACWA Power Barka was the only loser in the sector and was down by 1.34 per cent to close at 0.59.
Deyaar Development, a builder of homes and commercial towers in Dubai, climbed to the highest level in more than 16 months as investors sought cheap valuations amid a recovery in property prices in the emirate.
The stock rose 4.9 per cent to 44.8 fils at the close in Dubai, the highest since March 2012. About 117 million shares traded, or 4.7 times the three-month average. Deyaar was the most-traded stock on the Bloomberg GCC 200 Index and the biggest gainer on Dubai's benchmark gauge, which fell 0.6 per cent.
Dubai's property prices, which crashed more than 65 per cent from a peak in 2008, are recovering as the economy rebounds amid acceleration in tourism and retail trade. Deyaar trades at 0.7 times book value, compared to a multiple of 1.1 for Emaar Properties, developer of the world's tallest tower.
Rising property prices boosted Emaar's valuations, while those of Deyaar and Union Properties PJSC, another Dubai developer, "have not seen the same interest and underperformed the market significantly," Amer Khan, a Dubai-based director at Shuaa Asset Management, said by e-mail today. "It's natural for investors to rotate into the laggards eventually, and Deyaar is a significant one." Deyaar's shares have gained 27 per cent this