Business


MSM index edges down


Times Pic

Muscat:  The MSM30 index ended on a negative note to close at 5533.76 points, down by 0.18 per cent. Oman & Emirates was the most active in terms of volume, while Bank Muscat was the most active in terms of turnover. Voltamp Energy was the top gainer for the day and closed up by 2.06 per cent, while SMN Power Holding was the top loser for the day and closed down by 6.67 per cent.

A total number of 1,064 trades were executed in yesterday's trading session generating a turnover of RO3.45 million with over 12.11 million shares traded. Out of 45 traded stocks, 7 advanced, 18 declined and 20 remained unchanged. At the close, foreign investors were net buyers for RO262,000 while GCC & Arab investors were net sellers for RO165,000 followed by Omani investors for RO97,000 worth of shares.

Financial Sector Index was down by 0.14 per cent and closed at 6123.30 points. Global Financial Investment, Gulf Investment Services, Bank Sohar and Bank Muscat increased by 1.24 per cent, 1.24 per cent, 0.65 per cent and 0.18 per cent respectively. Ahli Bank, HSBC Bank Oman, National Bank of Oman, ONIC Holding and Bank Dhofar 1.26 per cent, 0.96 per cent, 0.72 per cent, 0.71 per cent and 0.30 per cent respectively.

The Industrial Sector Index was up by 0.30 per cent and closed at 7161.63 points. Voltamp Energy, Dhofar Cattlefeed and Galfar Engineering increased by 2.06 per cent, 1.16 per cent and 0.27 per cent respectively. National Aluminium Products, Al Hassan Engineering, Oman Cables, Raysut Cement and Jazeera Steel Products declined by 3.96 per cent, 1.89 per cent, 0.88 per cent , 0.73 per cent and 0.67 per cent respectively.

Services Sector Index closed at 2793.73 points, down by 0.67 per cent. Sohar Power, Oman Telecom, Port Service Corp, OIFC and ACWA Power Barka increased by 1.20 per cent, 0.78 per cent, 0.59 per cent, 0.57 per cent and 0.24 per cent respectively. SMN Power Holding, Nawras and Renaissance Services declined by 6.67 per cent, 0.63 per cent and 0.60per cent respectively.

Zain Saudi tumbles
Mobile Telecommunications of Saudi Arabia headed for the lowest close on record after MEED magazine reported the company known as Zain Saudi is seeking a fourth extension on $2.6 billion in debt.

The shares of Saudi Arabia's third mobile-phone provider dropped 1.9 per cent to 7.6 riyals, set for the lowest close since March 2008, when they first started trading in Riyadh. The stock was the third most-traded by volume on the benchmark Tadawul All Share Index, which declined 0.5 per cent. Zain Saudi has tumbled 7.8 per cent in the past three days.

Zain Saudi said last month it is in 'very advanced negotiations' with a syndicate of banks as well as potential investors to refinance the Islamic murabaha facility, which was first due in July. MEED reported on its website yesterday that the company wrote to banks seeking a two-month extension, citing unidentified people. Zain officials didn't immediately comment. Seven analysts recommend investors hold the shares, while three have a sell rating one says buy.

Share 

 Rate this Article
Rates : 0, Average : 0

Share more.

Post a Comment

Did you like this section? Leave a comment!
Your Name : Your Email Address :
Your Comment :
Enter Image Text:
 
No Comments Posted