- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 54PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:53 am |
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Dhuhr |
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12:13 pm |
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Asar |
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03:31 pm |
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Magrib |
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07:01 pm |
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Isha |
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08:23 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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17.46 |
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22ct / gm |
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17.05 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.58 |
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Euro |
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1.94 |
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Pound |
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1.66 |
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Indian Rs. |
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N/A |
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Pak Rs. |
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256.18 |
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Bangla Taka |
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201.27 |
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Muscat: The MSM30 Index fell 0.26 per cent to close at 5,785 points. The advance to decline ratio at the end of the trading session stood at 1.29:1. The total shares exchanged increased by 24.4 per cent to 42.324 million shares and the total value traded increased by 6.8 per cent to OMR6.914 million.
The market breadth was positive with 18 gainers and 14 losers out of 48 traded securities. Among the sectors, Banking and Investment Sector declined by 0.32 per cent to close at 6,742 points. The Services and Insurance Sector inched down 0.01 per cent to close at 2,963 and The Industrial Sector was down 0.50 per cent to close at 7,653 points. The top two gainers were United Power and Dhofar Insurance to close at OMR1.293 and OMR0.234.
Dubai bourse falls
Dubai's benchmark stock index retreated the most in almost 11 months after Emaar Properties PJSC's quarterly profit missed estimates.
Emaar, developer of the world's tallest skyscraper, slumped 3.7 per cent. Dubai Financial Market PJSC, the only publicly traded Gulf Cooperation Council stock market, tumbled the most since May. The DFM General Index retreated 2.1 per cent, the biggest decrease since March 7, to 1,848.28 at the close in the emirate.
Saudi Arabia's Tadawul All Share Index slipped 0.4 per cent at 1:32 p.m. in Riyadh.
Dubai's stocks surged 16 per cent in January as investors bet Emaar's profit would improve amid a real estate recovery in the city. Quarterly net income at the company with the heaviest weighting on Dubai's index dropped to 512 million dirhams ($139 million), missing the 538 million-dirham average estimate of five analysts compiled by Bloomberg.
"Recent gains were pricing in stellar fourth-quarter numbers and the reality was somewhat different so some profit- taking is evident," according to Julian Bruce, Dubai-based head of institutional trading at EFG-Hermes Holding SAE. "Looking ahead, volumes are lighter amid this weakness, so I see this more of a much-needed consolidation rather than any sort of turnaround in recent positive sentiment."
Economic growth
Emaar shares fell to 4.69 dirhams in the biggest drop since June 3. The stock surged 46 per cent last year amid a revival in real estate, retail and tourism, which helped Dubai's economy expand 4.1 per cent in the first half of 2012, putting the emirate on track to reach a 5 per cent growth forecast, government data show. That would be the fastest pace of expansion since 2007. Dubai's 14-day relative strength ind ex dropped to 71 yesterday from 86. A reading above 70 indicates to some analysts that a security or index is poised to decline. Dubai's measure, the best performer in the six-nation GCC in 2012, trades at an estimated 2013 price-to-earnings ratio of 10.5 times, versus 11 times for the MSCI Emerging Markets Index. About 275 million shares traded in the city yesterday.
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