Muscat: The MSM30 Index ended on a positive note for the third day in a row and closed at 5842.86 points, up by 0.11 per cent. Transgulf Holding was the most active in terms of volume as while as turnover. Global Financial Investment was the top gainer for the day and closed up by 3.77 per cent, while Oman Textile Holding was the top loser for the day and closed down by 2.67 per cent.
A total number of 1979 trades were executed in yesterday's trading session generating turnover of OMR6.59 million with over 31.80 million shares traded. Out of 56 traded stocks, 17 advanced, 13 declined and 26 remained unchanged. Omani Investors were net buyers for OMR112,000 followed by foreign investors for OMR56,000 while GCC and Arab investors were net sellers for OMR168,000 worth of shares.
Financial Sector Index was up by 0.71 per cent and closed at 6907.53 points. Global Financial Investment, Taageer Finance, Transgulf Holding, HSBC Bank Oman and Ominvest increased by 3.77 per cent, 3.64 per cent, 3.16 per cent, 2.17 per cent and 1.84 per cent, respectively. National Bank of Oman, Bank Sohar and Bank Dhofar declined by 0.68 per cent, 0.57 per cent and 0.52 per cent, respectively.
The Industrial Sector Index was marginally down by 0.04 per cent and closed at 7646.41 points. National Aluminium, Galfar Engineering, Dhofar Cattlefeed and Voltamp Energy increased by 1.49 per cent, 1.45 per cent, 0.82 per cent and 0.55 per cent, respectively. Oman Textile Holding, Construction Material Industries, Al Anwar Ceramic and Oman Cement declined by 2.67 per cent, 1.85 per cent, 0.88 per cent, 0.99 per cent and 0.63 per cent, respectively.
Services Sector Index closed at 2973.95 points, marginally up by 0.04 per cent. Nawras, Sohar Power, OIFC and Al Jazeira Services declined by 1.65 per cent, 1.30 per cent, 0.44 per cent and 0.26 per cent, respectively. Shell Oman Marketing, Oman Telecommunications and Port Services Corp declined by 0.98 per cent, 0.76 per cent and 0.55 per cent, respectively.
Mubadala to cut fund cost
Mubadala Development, the Abu Dhabi investor with holdings from aerospace to microchips, is seeking to cut borrowing costs on a planned loan to reflect a credit rating that beats European borrowers, an official said.
The government-owned entity, rated AA at Standard & Poor's and Fitch, asked banks to propose terms for a $2 billion, three-year revolving credit that are better than those on the $2.5 billion facility it signed in April 2010, Kelly Thomson, Mubadala's head of structured finance, said by telephone. Under a revolving credit, borrowers can tap and repay funds multiple times.
Mubadala pays an interest-rate margin of 75 basis points, or 0.75 percentage point, on its existing loan, more than the 60 basis points Daimler AG, rated A- by S&P, pays on a 7 billion- euro revolver, according to data compiled by Bloomberg. Henkel AG & Co, rated A by S&P, raised an 800 million-euro revolver last year at a margin of 40 basis points.
"A double-A company in a double-A economy shouldn't pay more than a single-A European company," Thomson told reporters at a conference in Dubai on January 29. Mubadala will seek to cut pricing for the new loan "a lot" in talks with a group of banks, she said.
The yield on Mubadala's 3.75 per cent bonds due in 2016 slumped to a record 1.81 per cent on January 23. (United Securities/Bloomberg News)