Index inches down

25/07/2011 00:00 AST

The MSM30 Index eased 0.28 per cent to close at 5,926 points. The advance to decline ratio at the end of the trading session stood at 0.56:1.

The total shares exchanged increased by 74.07 per cent to 5.715 million shares and the total value traded increased by 18.47 per cent to RO1.348 million. The market breadth was negative with nine gainers and 16 losers out of 38 traded securities.

Amongst the sectors, Banking and Investment Sector decreased 0.29 per cent to close at 6,454 points. The Services and Insurance Sector moved down 0.27 per cent to close at 2,507 points. The Industrial Sector decreased 0.19 per cent to close at 6,624 points.

The top two gainers were Muscat Finance (4.87%) and United Finance (3.70%) to close at RO0.194 and RO0.084, respectively. The top two losers were Oman United Insurance (-3.97%) and Port Service Corp. (-2.64%) to close at RO0.121 and RO0.480, respectively.

The top two by volume traded were United Finance (1.914 million shares) and Oman International Bank (1.494 million shares). The top two by value traded were OIB (RO0.393 million) and Renaissance Services (RO0.193 million).

Gulf shares fall

Gulf shares fell. Dubai’s benchmark DFM General Index retreated 0.2 per cent. Abu Dhabi’s ADX General Index fell 0.2 per cent, while Qatar’s measure added 0.1 per cent. Saudi’s Tadawul fell 0.2 per cent and Bahrain’s measure lost 0.4 per cent. Kuwait’s SE Price Index gained less than 0.1 per cent.

“Turnover is very low due to summertime and the fact that Ramadan is approaching, along with the volatility in international markets because of the debt crisis in Europe and the US” said Marwan Shurrab, assistant fund manager and chief trader at Dubai-based Gulfmena Alternative Investments. “We are seeing mostly positive earnings and this is supposed to help but people are reluctant to participate.”

Shuaa tumbled 4.7 per cent to 95 fils, the biggest decline since July 17. Emirates NBD lost 2.4 per cent to 4.10 dirhams, the lowest since June 28.

National Bank of Ras Al-Khaimah, the lender known as RAKBank, rose 1.1 per cent to 4.7 dirhams after second-quarter profit surged 23 per cent. In Qatar, United Development, a Qatari investment company, advanced 0.9 per cent to 20.4 riyals after first-half profit increased to 346.8 million riyals ($95 million) from 340.9 million riyals.

Bloomberg