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MSM gains momentum



Muscat:  The MSM30 index closed yesterday on a positive note at 5564.44 points, up by 0.12 per cent. An OTC deal with Bank Sohar resulted in the scrip ending as the most active in terms of volume as well as turnover. National Finance was the top gainer of the day and closed up by 8.13 per cent, while Al Anwar Holding was the top loser for the day and closed down by 1.53 per cent.

A total number of 1170 trades were executed in yesterday's trading session generating turnover of RO8.79 million with over 48.55 million shares traded. Out of 49 traded stocks, 19 advanced, 13 declined and 17 remained unchanged. At the session close, foreign investors switched to net buyers for RO74,000 while Omani investors switched to net sellers for RO74,000 worth of shares.

Financial Sector Index was up by 0.25 per cent and closed at 6188.35 points. DIDIC, Transgulf Industries, United Finance, Oman United Insurance and Taageer Finance increased by 2.71 per cent, 2.50 per cent, 2.34 per cent, 1.60 per cent and 1.55 per cent respectively. Al Anwar Holding, Gulf Investment Services, Oman & Emirates, Ahli Bank and National Bank of Oman declined by 1.50 per cent, 1.20 per cent, 1 per cent, 0.60 per cent and 0.40 per cent respectively.

The Industrial Sector Index was up by 0.21 per cent and closed at 7199.29 points. Oman Ceramic, Oman Cement, Salalah Mills, Raysut Cement, Jazeera Steel Product and Al Anwar Ceramic increased by 1.82 per cent, 1.09 per cent, 0.60 per cent, 0.36 per cent, 0.34 per cent and 0.24 per cent respectively.

Oman Textile Holding, Dhofar Cattle feed, Voltamp Energy and Galfar declined 1.30 per cent, 1.10 per cent, 0.80 per cent and 0.30 per cent respectively.

Services Sector Index closed at 2818.06 points, up by 0.12 per cent. National Finance, Oman Orix Leasing, Port Service Corporation, Al Jazeira Services and Oman Telecom increased by 8.13 per cent, 1.60 per cent, 1.55 per cent, 0.82 per cent and 0.63 per cent respectively.

Nawras, Renaissance Services and National Gas declined by 0.60 per cent, 0.60 per cent and 0.20 per cent respectively.

Arabtec wins contract
Arabtec Holding, the United Arab Emirates' largest construction company, won a 2.3 billion-riyal ($632 million) contract to build the second phase of the Msheireb Downtown Doha project.

Arabtec will erect 10 buildings in the Qatari capital ranging from two- to 19-storey, the Dubai-based company said in a statement yesterday. The project will increase Arabtec's backlog by about 13 per cent, said Jan Pawel Hasman, an analyst at EFG-Hermes in Cairo. Hasman has a neutral rating on the stock.

The Msheireb Downtown Doha development, which will cost a total of 20 billion riyals, includes the construction of four government buildings in one of Doha's oldest neighborhoods, as well as shops, a hospital and a heritage center. The project will be built in six phases, with the first completed this year and the last in 2016.

 Arabtec shares have climbed 53 per cent this year, outperforming the 19 per cent gain.

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