MSM 30 Index ends on flat note


A view Muscat Securities Market floor information board. File photo

Muscat: MSM 30 Index ended on a flat note and closed at 6798.99 points, marginally up by 0.08 per cent. MSM Shariah Index also gained 0.10 per cent at 1090.93 points. Gulf Investment Services was the most active in terms of volume as well as turnover. Financial Corporation was the top gainer and closed up by 4.55 per cent, while Bank Nizwa was the top loser and declined by 0.97 per cent.

Altogether 1,003 trades were executed in Tuesday's session generating a turnover of OMR6.24 million with over 20.13 million shares traded. Out of 50 traded stocks, 16 advanced, 7 declined and 27 were unchanged. 

GCC and Arab investors were net buyers to the tune of OMR123,000. Foreign investors, who were net sellers, sold shares amounting to OMR62,000, followed by Omani investors at OMR61,000. 

Financial Sector Index was up by 0.04 per cent at 8149.91 points. Financial Corporation, Oman& Emirates, Gulf Investment Services, Al Sharqiya Investment and Al Madina Takaful  increased by 4.55 per cent, 1.09 per cent, 1.02 per cent, 0.78 per cent and 0.74 per cent respectively. Bank Nizwa, Alizz Islamic Bank, United Finance and Oman United Insurance declined by 0.97 per cent, 0.92 per cent, 0.67 per cent and 0.51 per cent respectively.

The Industrial Sector Index up by 0.17 per cent at 10333.78 points. Oman Flour Mills, Al Anwar Ceramic, Gulf International Chemicals,  Galfar Engineering and  Jazeera Steel Product increased by 1.31 per cent 1.05 per cent 0.94 per cent 0.73 per cent and 0.61 per cent respectively. Oman Cables was the only loser and was down by 0.46 per cent to close at OMR2.16.

Services Sector Index marginally up by 0.01 per cent and closed at 3642.27 points. OIFC, Nawras and Sembcorp Salalah increased by 0.36 per cent, 0.34 per cent and 0.27 per cent respectively. Sharqiyah Desalination and Renaissance Services declined by 0.82 per cent and 0.55 per cent respectively.

Emaar rises 
Emaar Properties, the builder of the world's tallest skyscraper, rose to a five-year high as investors bet Dubai-based developers will benefit from economic growth in the emirate.

Emaar, which has the biggest weighting on the Dubai Financial Market General Index, gained 3 per cent to AED7.57 at the close of trading, its highest since September 2008. The shares have more than doubled this year. Deyaar Development, rose 6.5 per cent to 969 fils, the biggest percentage gainer on the index yesterday and the highest close since 2009. Union Properties, Dubai's smallest-listed property developer, climbed 1.7 per cent to Dh1.17.

Property companies in the emirate are benefiting from an economic recovery and a rebound in construction as Dubai prepares for the World Expo in 2020. The region's tourism and investment hub will invest almost $8.1 billion on infrastructure projects ahead of the event, according to Sheikh Ahmed bin Saeed Al Maktoum, head of Dubai's Supreme Fiscal Committee and chairman of Emirates Airline.

"Emaar is one of those names which is a prime beneficiary of Dubai's growth going forward," Amer Khan, a director at Dubai-based Shuaa Capital, said by phone.

Index provider MSCI raised the UAE and Qatar to emerging-market status in June.

"Given the MSCI upgrade effective in May 2014, I would expect a lot of international clients to continue buying Emaar," Khan said. Dubai's benchmark stock index advanced 1.3 per cent.

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