Muscat: The MSM30 Index continued its climb for the second successive day and closed at 5983.09 points, up by 0.39 per cent. Dhofar Insurance was the most active in terms of volume and Al Jazeira Services in terms of turnover. Salalah Mills remained the top gainer for the day and closed up by 9.99 per cent, while Construction Material Industries was the top loser, closing down by 3.64 per cent.
A total number of 2,068 trades were executed in yesterday's trading session generating turnover of OMR8.71 million with over 33.69 million shares traded. Out of 51 traded stocks, 27 advanced, 9 declined and 15 remained unchanged. The GCC and Arab investors switched to net buyers to the tune of OMR366,000, followed by foreign investors at OMR85,000, while Omani investors were net sellers of shares worth OMR451,000.
Financial Sector Index was up by 0.49 per cent and closed at 7086.89 points.
Al Sharqia Investment Holding, Al Anwar Holding, Al Omaniya Financial Services, Oman United Insurance and Taageer Finance increased by 6.48 per cent, 5.88 per cent, 2.34 per cent, 1.83 per cent and 1.63 per cent respectively. DBIH, Global Investment Services and Financial Services declined by 3.57 per cent, 1.87 per cent and 1.47 per cent respectively.
The Industrial Sector Index closed at 8179.55 points, up by 1.09 per cent. Salalah Mills, Dhofar Cattlefeed, National Aluminium Products, Al Anwar Ceramic and Voltamp Energy increased by 9.99 per cent, 4.47 per cent, 2.17 per cent and 1.72 per cent and 1.34 per cent respectively.
Services Sector Index closed at 3115.93 points, up by 0.80 per cent. Sohar Power, Al Jazeira Services, Oman Telecom and Al Maha Marketing rose by 7.58 per cent, 7.26 per cent, 1.20 per cent and 0.51 per cent respectively. OIFC and Port Services Corporation declined by 1.51 per cent and 0.36 per cent respectively.
Abu Dhabi stocks gain
Abu Dhabi's benchmark index rallied to the highest level in more than three years as investors bought banking stocks to take advantage of higher dividends.
First Gulf Bank, which recommended a cash dividend of 83 fils per share for 2012, rose 4.2 per cent. Abu Dhabi Commercial Bank PJSC advanced to the highest level in more than four years after raising $1.5 billion from a bond sale. The ADX General Index gained 1.7 per cent to 3,056.39, the strongest close since October 2009.
United Arab Emirates lenders have raised dividends as they recover from the impact of the global credit crisis which slowed lending, hit investment banking and led to a surge in loan-loss charges. Abu Dhabi banks offer an average dividend yield of 4 per cent, versus 3.3 per cent for the Bloomberg GCC 200 Financial Index of the Gulf Cooperation Council's most-traded stocks. "The prospects of the banks' profits in 2013 are good in addition to the attractive dividend yield," said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities.
The Abu Dhabi measure was the biggest gainer in the six-nation GCC yesterday and about 316 million shares were traded, compared with a 12-month daily average of 82 million, says data.
Abu Dhabi Commercial, the third-biggest UAE lender by assets, said in January it would pay a 25 per cent cash dividend for 2012, up from 20 per cent a year earlier.