Business


MSM index ends lower



Muscat: The MSM30 Index closed on a negative note at 5668.05 points, down by 0.14 per cent. Al Izz Bank remains the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Majan College was the top gainer for the day and closed up by 3.07 per cent, while National Finance was the top loser for the day and closed down by 3.64 per cent.

A total number of 723 trades were executed in yesterday's trading session generating turnover of RO2.71 million with over 8.14 million shares traded. Out of 53 traded stocks, nine advanced, 24 declined and 20 remained unchanged. GCC and Arab investors switch to net buyers for RO179,000 while Omani investors were net sellers for RO173,000 worth of shares followed by foreign investors for RO6,000 worth of shares.

Financial Sector Index closed at 6539.24 points, marginally down by 0.06 per cent. DIDIC, Bank Dhofar, Bank Sohar and National Bank of Oman increased by 1.90 per cent, 0.85 per cent, 0.58 per cent and 0.36 per cent, respectively. Al Sharqia Investment, Taageer Finance ,Global Financial Investment and Oman United Insurance declined by 1.82 per cent, 1.33 per cent, 1.09 per cent and 1.04 per cent, respectively.

The Industrial Sector Index was down by 0.40 per cent and closed at 7243.56 points. Salalah Mills and Al Hassan Engineering increased by 0.97 per cent and 0.65 per cent, respectively. Oman Cement, Oman Cables, Al Anwar Ceramic and Dhofar Catttlefeed declined by 1.27 per cent, 1.25 per cent, 1.22 per cent and 0.82 per cent, respectively.

Services Sector Index closed at 2869.00 points, down by 0.37 per cent. Majan College, United Power and Oman Telecom increased by 3.07 per cent, 1.85 per cent and 0.34 per cent, respectively. Oman Oil Marketing, Port Service Corp, Al Maha Marketing and Al Jazeira Services declined by 2.14 per cent, 1.16 per cent, 0.61 per cent and 0.27 per cent, respectively.

Shuaa Capital jumps
Shuaa Capital PSC surged the most in four years as the Dubai-based investment bank, which posted losses in the last three quarters, said the stock is undervalued as the company takes steps toward 'sustainable' growth.

The shares jumped 15 per cent, the most since January 2009, to 58.3 fils at the close in Dubai. About 6.3 million shares were traded, almost 13 times the three-month daily average. Shuaa was the biggest gainer in percentage terms on the DFM General Index, which rose 0.6 per cent. Shuaa's 14-day relative strength index advanced to 62 from 40. A reading above 70 indicates to some analysts that a security is poised to fall.

"There are a lot of stocks that are undervalued in the market, and there are investors who see this as an opportunity to get in," Shuaa spokesman Oliver Schutzmann said by phone.

Excluding gain, Shuaa's stock fell 7.8 per cent year to date, compared with an 18 per cent advance for Dubai's index. Shuaa said last month it expects to narrow this year's loss to between Dh40 million ($11 million) and Dh60 million. That compares to a loss of Dh294 million in 2011, according to data. Shuaa, owned 48 per cent by Dubai Banking, said earlier this month it's ending retail brokerage operations.

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