Muscat Securities Market Muscat Securities Market

4,503.49 -44.25 -0.97 %

Oman's share index rises marginally

(5/15/2018 8:16:00 AM)

Muscat Securities Market (MSM) general index on Monday added 3.10 points, comprising a rise by 0.07 per cent to close the trading session at 4,689.66 points, compared to the last session, which stood at 4,686.56 points.

The trading value on Monday stood at OMR3,074,137, comprising a rise of 29.7 per cent compared to the last session, which stood at OMR2,370,308. The report released by MSM pointed out that the market capitalisation declined by 0.278 per cent to reach about OMR17.63 billion.

The report added that the value of shares bought by non-Omani investors reached OMR307,000. The value of shares sold by non-Omani investors reached OMR313,000 and the net non-Omani investment declined by 0.21 per cent to OMR6,000.

GCC markets

Saudi and Qatari stocks were up in early trade on Monday, helped by support from banking stocks, as Gulf markets showed signs of recovery from jitters last week over the US decision to withdraw from the Iran nuclear deal.

The Saudi index was up 0.2 per cent as Al Rajhi Bank rose 0.5 per cent and Samba Financial Group gained 0.6 per cent. The Saudi market has seen a recovery after it dipped below the 8,000-point level on May 10 on profit taking after sharp gains this year on foreign fund flows on expectations of an upgrade of the stock market to emerging market status.

In March, global index compiler FTSE Russell decided to upgrade Saudi Arabia to emerging market status, and MSCI is widely expected to make a similar decision in June.

Saudi stocks are up 11 per cent so far this year, but this month the index is down 2 per cent.

Gains in Qatar National Bank, which was up 1.4 per cent, provided support to the Qatari index which traded 0.3 per cent higher in early trading. The Dubai index was up 0.1 per cent, as market heavyweight Emaar Properties rose 1.2 per cent.

Shares of Al Salam Bank Bahrain were up 7.6 per cent in Dubai trading after the lender reported a 10 per cent rise in first quarter net profit. There was little trading on the Bahrain bourse in this stock.

In Abu Dhabi, Dana Gas fell 0.9 per cent on profit-taking after it surged 3.9 per cent a day earlier on news that the company had struck a deal with creditors on restructuring $700 million of sukuk, potentially bringing to an end a nearly year-long legal row that spooked investors in Islamic finance.

However, the Abu Dhabi index was up 0.3 per cent, supported by a 0.4 per cent gain in First Abu Dhabi Bank and one per cent rise in Aldar Properties.

Times of Oman