Muscat Securities Market Muscat Securities Market

4,590.16 -27.56 -0.60 %

Oman share index ends marginally lower

(6/20/2017 1:34:00 AM)

The MSM30 Index decreased 0.54 per cent to close at 5,220.94 points. The MSM Sharia Index ended at 771.57 points, down 0.39 per cent. Al Madina Investment remained the most active in terms of volume while Bank Muscat led in terms of turnover. Up 3.85 per cent, Voltamp Energy was the top gainer while Sembcorp Salalah was the top loser, down 4.35 per cent.

A total number of 459 trades were executed on Monday, generating a turnover of OMR3.16 million with 17.6 million shares changing hands. Out of 35 traded securities, 6 advanced, 15 declined, and 14 remained unchanged. At the session close, GCC & Arab Investors stayed net buyers for OMR492,000 while Omani Investors remained net sellers for OMR333,000 followed by Foreign Investors for OMR159,000 worth of shares.

Financial Index retreated 0.38 per cent to close at 7,860.98 points. DIDIC and Oman United Insurance gained 1.33 per cent and 0.59 per cent respectively. United Finance, Alizz Bank, Gulf Investment Services, Oman & Emirates Holding and Bank Muscat lost 3.62 per cent, 2.35 per cent, 2.27 per cent, 1.83 per cent and 1.55 per cent respectively.

Industrial Index advanced 0.39 per cent to finish at 7,158.69 points. Voltamp Energy, Construction Materials, Oman Cement and Oman Fisheries increased 3.85 per cent, 3.45 per cent, 2.22 per cent and 1.38 per cent respectively. Oman Flour Mills and Galfar Engineering declined 1.32 per cent and 1.30 per cent respectively.

Services Index ended at 2,639.70 points with a sharp loss of 0.87 per cent. Sembcorp Salalah, Phoenix Power, Renaissance Services, Ooredoo and Omantel decreased 4.35 per cent, 1.64 per cent, 0.93 per cent, 0.87 per cent and 0.84 per cent respectively.

Most Gulf shares rise

Most stock markets in the Gulf were marginally higher in early trade on Monday, shrugging off weak oil prices as investors focused on local corporate and market news.

Shares of Dubai's National Central Cooling Co (Tabreed) surged their 15 per cent daily limit to Dh2.12 ($0.58) after French power and gas group Engie agreed to buy 40 per cent stake for Dh2.8 billion from majority owner Abu Dhabi's Mubadala.

Mubadala will convert its mandatory convertible bonds into shares, with 1.086 billion shares to be transferred to Engie at approximately Dh2.62 each.

Mubadala will keep a 42 per cent stake after the transaction has been approved by the regulators.

Shares in builder Drake & Scull climbed 2.1 per. DSI expects to complete a plan to reduce its capital by 75 per cent by the end of the third quarter, deferring the process by one month, its chief executive said.

The Dubai index was up 0.5 per cent.

Blue chips in Saudi Arabia helped support that benchmark which was up 0.2 per cent after 25 minutes of trade. Ethylene and propylene producer Yanbu National Petrochemical was up 0.7 per cent at SR55.90 ($14.91); HSBC raised the target price to SR54.0 and kept its "hold" rating.

Shares of Arab National Bank rose 2.0 per cent after the board proposed a cash dividend of 0.55 riyal for the first half of 2017; this is higher than the 0.45 riyal paid in the prior year period. According to analysts at NBC Capital, the dividend yield will be 5.0 per cent.

Shares of some companies expected to benefit from the MSCI decision to put Saudi Arabia on review for an upgrade to its emerging market group, were resilient. Dairy producer Almarai rose 0.1 per cent.

Times of Oman