Muscat: The MSM 30 Index surged by 2.57 per cent as Syrian fear eased and closed at 6543.68 points. MSM Shariah Index also closed up by 1.47 per cent at 1041.57 points.
Global Financial Investment was the most active in terms of volume, while Al Anwar Holding was the most active in terms of turnover. DBIH was the top gainer, closing up by 8.89 per cent, while Oman Education & Training Investment was the top loser and closed down by 6.31 per cent.
Altogether 3,581 trades were executed in yesterday's session generating a turnover of OMR17.70 million with over 73.716 million shares traded.
Out of 51 traded stocks, 46 advanced, one declined and four were unchanged. Omani investors were net buyers to the tune of OMR498,000 followed by GCC & Arab investors at OMR181,000, while foreign investors, who were net sellers, sold shares worth OMR679,000.
Financial Sector Index increased by 2.92 per cent at 7993.24 points. DBIH, ONIC Holding, Dhofar Insurance, Al Anwar Holding and Global Financial Investment increased by 8.89 per cent, 8.75 per cent, 8.70 per cent, 8.33 per cent and 8.11 per cent respectively.
The Industrial Sector Index closed up by 2.32 per cent at 9550.24 points. Gulf International Chemicals, Al Hassan Engineering, National Aluminum Products, Construction Material Industries, Oman Fisheries and Jazeera Steel Product increased by 6.82 per cent, 6.70 per cent, 6.02 per cent, 5.71 per cent, 5 per cent and 4.81 per cent respectively.
Services Sector Index closed at 3411.79 points, up by 1.53 per cent. OIFC, Al Jazeira Services, Renaissance Services, Port Service Corp and Oman Telecom increased by 8.33 per cent, 4.26 per cent, 3.55 per cent, 3.33 per cent and 2.24 per cent respectively. Oman Education & training Investment was the only loser and was down by 6.31 per cent to close at 0.208.
Dubai stocks surge
Dubai's stock index surged the most since December 2009 after United States President Barack Obama said the US would put a strike on Syria on hold if the nation followed through on a proposal to surrender its chemical weapons.
The DFM General Index climbed 8.5 per cent, making it the biggest gainer among 94 gauges monitored globally, to 2,522.15 at the close in Dubai. Before yesteday, the measure had plunged 15 per cent from a five-year high on August 25. Emaar Properties, the stock with the biggest weighting on the index, soared 8.5 per cent, while discount carrier Air Arabia jumped 10 per cent. Abu Dhabi's measure gained 5.5 per cent and Qatar's 4.9 per cent.
Dubai's stocks posted the biggest swings in the world in the past month on concern a military strike against Syria would have repercussions in the Middle East. Shares rose after a Russia-backed proposal for Syria to surrender its chemical weapons. While questioning whether Syrian President Bashar Al Assad would yield control of his weapons, Obama said on ABC News that an attack would 'absolutely' be put on hold if Syria followed through.
"Investors are relieved that it looks like the military strike will be postponed, and it's a rebound from the last six or seven-day drop," Tariq Qaqish, a director at Dubai-based fund manager Al Mal Capital, said by phone. "Things on the ground in the region are still positive, especially in the GCC. Economies have moved on thanks to infrastructure spending, and higher oil revenues and prices."
The Middle East accounted for about 35 per cent of global crude output in the first quarter of this year.