Oman's share index rises on strong buying

Business Tuesday 06/December/2016 17:09 PM
By: Times News Service
Oman's share index rises on strong buying

Muscat: On the back of strong buying in Bank Sohar and Ooredoo, the MSM30 Index gained 0.68 per cent to close at 5,654.74 points. The MSM Sharia Index finished at 850.72 points, down 0.20 per cent. Bank Sohar, the most active in terms of volume as well as turnover, was also the top gainer with gain of 8.00 per cent, while Oman National Engineering was the top loser, down 3.13 per cent.
A total number of 1,010 trades were executed on Tuesday, generating turnover of OMR4.2 million with 19.9 million shares changing hands. Out of 39 traded securities, 16 advanced, 7 declined and 16 remained unchanged. At the session close, Omani Investors were net buyers for OMR719,000 while GCC & Arab Investors switched to net buyers for OMR679,000 followed by Foreign Investors for OMR40,000 worth of shares.
Financial Index advanced 0.74 per cent to end at 7,516.68 points. Bank Sohar, Al Batinah Development, Al Madina Investment, Oman United Insurance and Al Anwar Holding increased 8.00 per cent, 4.26 per cent, 3.85 per cent, 1.85 per cent and 1.09 per cent respectively. Al Madina Takaful, Bank Muscat, HSBC Bank and Al Sharqia Investment declined 1.39 per cent, 0.90 per cent, 0.87 per cent and 0.70 per cent respectively.
Industrial Index closed at 7,288.91 points, up 0.36 per cent. Al Jazeera Steel, Al Hassan Engineering, Gulf International Chemicals and Oman Cement increased 4.26 per cent, 1.69 per cent, 1.12 per cent and 0.45 per cent respectively.
Services Index gained 0.63 per cent to finish at 3,035.40 points. OIFC, Renaissance Services, Al Jazeera Services, Ooredoo and Phoenix Power gained 7.18 per cent, 3.48 per cent, 2.04 per cent, 1.30 per cent and 0.69 per cent respectively. Oman National Engineering, Al Batinah Power and Port Services declined 3.13 per cent, 1.07 per cent and 0.42 per cent respectively.
Indian shares gain
The S&P BSE benchmark Sensex trimmed its early gains, but continued to rule firm for the second consecutive day, moving up by another 44 points to finish at 26,392.76 and NSE 50-share Nifty also up by 14 pts to end at 8,143.15 on hopes of easing of interest rates by Reserve Bank Of India amidst overnight gains in US market.
On macro front, a two-day meet of the monetary policy committee (MPC) of the Reserve Bank of India is scheduled on Tuesday and on Wednesday.
The Sensex resumed higher at 26,403.62 and firmed up further to 26,502.43 on initial strong buying on the back of strong US market. However, it dropped afterwards to 26,356.02 before finishing at 26,392.76, still showing a gain of 43.66 points or 0.17 per cent.
The Sensex has gained by 162.10 points or 0.62 per cent in two days.
Overseas, European stocks were trading mixed in their afternoont trade, with commodities-related stocks coming under pressure following a drop in prices of crude oil and metals.
Key indices in France and China moved up by 0.10 per cent to 0.22 per cent while UK's FTSE eased by 0.06 per cent. Except China's Shanghai Composite, all other Asian shares edged higher as investors judged the selloff after Italy's referendum was overdone, with robust US economic data also helping sentiment.
Key Asian indices like Hong Kong, Japan, Singapore, South Korea and Taiwan rose by 0.21 per cent to 1.35 per cent while
Shanghai Composite eased by 0.16 per cent.