Oman shares continue to advance

Muscat: Supported by banking stocks, the MSM30 Index continued gaining momentum to close at 5,610.02 points, up 0.36 per cent. The MSM Sharia Index closed at 852.40 points, up 0.16 per cent. Al Anwar Holding was the most active in terms of volume as well as turnover. Al Anwar Holding, up 4.52 per cent was the top gainer while Sohar Power was the top loser, down 6.20 per cent.
A total number of 930 trades were executed on Sunday, generating turnover of OMR2.85 million with 15.1 million shares changing hands. Out of 44 traded securities, 19 advanced, 7 declined and 18 remained unchanged. At the session close, GCC & Arab Investors were net sellers for OMR280,000 while Omani Investors switched to net buyers for OMR248,000 followed by Foreign Investors for OMR32,000 worth of shares.
Financial Index advanced 0.78 per cent to close at 7,457.51 points. Al Anwar Holding, Al Sharqia Investments, Oman & Emirates Holding, Al Batinah Development and Ahli Bank increased 4.52 per cent, 4.44 per cent, 4.00 per cent, 3.37 per cent and 2.13 per cent respectively. Al Madina Takaful, HSBC Bank and NBO declined 1.37 per cent, 0.86 per cent and 0.83 per cent respectively.
Industrial Index ended at 7,286.04 points, a gain of 0.48 per cent. Al Hassan Engineering, Al Jazeera Steel, Galfar Engineering, Al Maha Ceramics and Al Anwar Ceramics gained 3.45 per cent, 3.11 per cent, 2.13 per cent, 0.85 per cent and 0.57 per cent respectively. Oman Flour Mills, down 0.57 per cent was the only sector loser.
Services Index retreated 0.04 per cent to finish at 3,006.61 points. Phoenix Power and National Gas gained 0.71 per cent and 0.68 per cent respectively. Sohar Power, OIFC and Port Services declined 6.20 per cent, 1.02 per cent and 0.42 per cent respectively.
Dubai stocks gain
Dubai stocks were the biggest gainers across Gulf markets after oil, the region’s main source of revenue, capped its best week since 2009.
The DFM General Index climbed to the highest level in two months after Emaar Properties, which accounts for about one-fifth of the gauge, advanced 3.2 per cent as of 11:52am in Dubai. The developer signed an insurance settlement of Dh1.2 billion ($327 million) for a fire that engulfed its hotel on New Year’s Eve, Al Khaleej newspaper reported. Saudi Arabia’s Tadawul All Share Index increased 1.6 per cent as more than 90 per cent of the measure’s 176 members rose.
"Oil climbed 15 per cent last week and that has a strong impact on investor sentiment, while the news on Emaar’s settlement for the Address hotel fire” is good for the stock, Tariq Qaqish, the managing director for asset management at Al Mal Capital, said by phone from Dubai.
Brent crude, a pricing benchmark for about half the world’s oil, advanced to $54.46 a barrel on Friday after Opec approved its first supply cut in eight years. Most governments across the six-nation Gulf Cooperation Council (GCC), home to about a third of the world’s oil, rely on energy sales to fund spending.