Business


MSM closes in red zone



Muscat: Selling pressure on select stocks such as Bank Muscat pushed the index down by 0.53 per cent to close at 5933.02 points. Bank Muscat was the most active in terms of volume as well as turnover. Sohar Power remained as the top gainer in yesterday's trading and closed up by 9.59 per cent, while Muscat Finance was the top loser and closed down by 5.17 per cent.

A total number of 1,643 trades were executed in yesterday's trading session generating a turnover of OMR10.06 million with over 37.64 million shares traded. Out of 52 traded stocks, 10 advanced, 29 declined and 13 remained unchanged. At the session close, Omani investors were net buyers to the tune of OMR1.02 million followed by foreign investors at OMR0.28 million, while GCC & Arab investors were net sellers of shares worth OMR1.30 million.

Financial Sector Index was down by 0.97 per cent and closed at 6975.73 points. Dhofar Insurance and Bank Sohar increased by 4.43 per cent and 1.61 per cent respectively. Muscat Finance, Bank Muscat, Oman United Insurance, Transgulf Holding and Gulf Investment declined by 5.17 per cent, 4.26 per cent, 3.13 per cent, 2.80 per cent and 1.91 per cent respectively.

The Industrial Sector Index closed at 8023.99 points, down by 0.28 per cent. Al Hassan Engineering, Dhofar Cattlefeed, Voltamp Energy and Raysut Cement increased by 0.59 per cent, 0.37 per cent, 0.27 per cent and 0.07 per cent respectively. Gulf International Chemicals, National Aluminium Products, Construction Materials Industries and Jazeera Steel Products declined by 3.14 per cent, 2.16 per cent, 1.54 per cent and 1.31 per cent respectively.

Services Sector Index closed at 3056.75 points, up by 0.69 per cent. Sohar Power, Oman Holding, ACWA Power Barka and Nawras increased by 9.59 per cent, 7.33 per cent, 1.97 per cent and 0.57 per cent, respectively. OIFC, Port Service Corporation, Al Jazeira Services and Renaissance Services Company declined by 0.76 per cent, 0.72 per cent, 0.26 per cent and 0.21 per cent, respectively.

Tabreed retreats
National Central Cooling posted the biggest drop in almost 10 months on concern minority shareholders may have their positions diluted by a dividend payout to Abu Dhabi's Mubadala Development.

The United Arab Emirates utility known as Tabreed slumped 4.7 per cent, the largest decline since May 6, to Dh1.61 at the close in Dubai, on volume of 2.7 times the three-month daily average, data shows.

The stock was the biggest decliner on the benchmark DFM General Index, which plummetted by 0.1 per cent.

Tabreed, whose shares rallied the most in Dubai last year, said today it planned to pay its first cash dividend in eight years of 5 fils a share for 2012, as a recovery in the UAE property market boosts demand for its air-conditioning systems.

Mubadala, which owns almost 15 per cent of Tabreed, is entitled to an equivalent payment as a bondholder, which it will accept as notes that can be converted into shares by April 2019.

Mubadala in 2011 agreed to provide Tabreed long-term capital of Dh1.7 billion ($463 million) in mandatory convertible notes due 2019 and a loan facility of as much as Dh1.4 billion.

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