MSM index ends higher on third consecutive day

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Muscat: Selective buying on index heavy weight stocks such as Bank Muscat and National Bank of Oman led the index to end higher for the third day in a row at 6811.57 points, up by 0.25 per cent. MSM Shariah Index closed at 1083.02 points, marginally down by 0.04 per cent.

Financial Corporation was the most active in terms of volume, while Bank Muscat was the most active in terms of turnover. Al Anwar Holding was the top gainer and closed up by 2.17 per cent. Financial Corporation was the top loser and closed down by 7.56 per cent.

Altogether 1,247 trades were executed in yesterday's session generating a turnover of OMR8.51 million with over 26.22 million shares traded. Out of 58 traded stocks, 17 advanced, 13 declined and 28 were unchanged. Foreign investors were net buyers to the tune of OMR775,000, followed by GCC & Arab investors at OMR66,000. Omani investors sold shares amounting to OMR841,000. 

Financial Sector Index up by 0.14 per cent at 8186.84 points. Al Anwar Holding, Bank Muscat, National Bank of Oman, HSBC Bank Oman and Taageer Finance increased by 2.17 per cent, 1.92 per cent, 1.91 per cent, 1.75 per cent and 1.31 per cent respectively. Financial Corporation, Bank Nizwa, Al Madina Investment, DIDIC and Dhofar Insurance declined by 7.56 per cent, 1.92 per cent, 1.40 per cent, 1.27 per cent and 1.02 per cent respectively.

The Industrial Sector Index up by 0.15 per cent at 10360.03 points. Voltamp Energy, Oman Cables and National Aluminium Products increased by 1.28 per cent, 0.70 per cent and 0.50 per cent respectively. Galfar Engineering was the only loser and was down by 0.36 per cent to close at RO 0.280.

Services Sector Index remained unchanged and closed at 3642.57 points. ACWA Power Barka, Sohar Power, Nawras and Sembcorp Salalah increased by 0.63 per cent, 0.55 per cent, 0.35 per cent and 0.26 per cent respectively. OIFC and Al Maha Marketing declined by 1.72 per cent and 0.05 per cent , respectively.

Emerging stocks rise 
Emerging-market stocks rose for a second day before the United States Federal Reserve decides on its stimulus program. Indian shares jumped after the nation's central bank unexpectedly left interest rates unchanged.

The MSCI Emerging Markets Index added 0.2 per cent to 992.14. Turkey's stock gauge headed for its biggest two-day loss in six months amid corruption arrests. Ukrainian dollar bonds extended the biggest gain on record after a $15 billion Russian bailout pledge averted the risk of default.

The Fed will make a decision on its $85 billion monthly bond-buying programme at the end of a two-day meeting. 

There's about a 60 per cent chance that asset purchases will be cut, Mohamed El Erian, Pacific Investment Management's chief executive officer, said. India's central bank kept its repurchase rate at 7.75 per cent, with only five of 31 analysts predicting that outcome in a survey. The rest expected an increase to 8 per cent.

"What's driving fluctuations in markets, particularly currency and equity markets, is the Fed," Neil Shearing, chief emerging-markets economist at Capital Economics in London.

"We probably will see a taper tonight, but it will be gradual. There may well be some more financial market turbulence in the shift toward withdrawal of stimulus, but the economic implications may be less severe." Borsa Istanbul National 100 Index dropped 2.4 per cent."


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