Index up marginally

11/01/2011 00:00 AST

The MSM30 Index increased 0.34 per cent to close at 6,950 points. The advance to decline ratio at the end of the trading session stood at 2.40:1.

The total shares exchanged increased by 0.23 per cent to 28.231 million shares and the total value traded decreased by 22.84 per cent to RO8.129 million.

The market breadth was positive with 24 gainers and 10 losers out of 51 traded securities. The Banking & Investment sector led the gain and increased 0.43 per cent to close at 8,844 points followed by Services & Insurance sector which gained 0.33 per cent to close at 2,821 points. Moreover, the Industrial sector gained 0.27 per cent to close at 7,531 points.

The top two gainers were Transgulf Holding (+4.88%) and Gulf Inv. Ser. (+3.30%) to close at RO0.086 and RO0.094. The top two losers were Nat. Mineral Water (-4.62%) and Acwa Power Barka (-1.84%) to close at RO0.062 and RO1.284.

The top two by value traded were BankMuscat (RO1.465 million) and Nawras (RO0.782 million).

Abu Dhabi shares gain

Abu Dhabi’s benchmark index rose to the highest level in almost a month, as US economic reports boosted confidence in the world’s largest economy and shares in Abu Dhabi’s largest real-estate developer advanced.

Aldar Properties rallied 2.9 per cent after agreeing to manage a $204 million contract to expand Abu Dhabi’s Masdar campus.

The ADX General Index climbed 0.4 per cent to 2,764.15 at 2pm in Abu Dhabi, the highest close since December 12. Gains were led by telephone company Emirates Telecommunications.

“Global optimism for equity markets” helped push local shares higher, said Tariq Qaqish, director and fund manager at Al Mal Capital in Dubai.

Aldar closed at 2.45 dirhams, a one-month high. The company will manage the Masdar contract awarded to Arabian Construction and the project will be completed in 18 months, Arabian Construction said yesterday in a statement.

Emirates Telecommunications, the United Arab Emirates phone company known as Etisalat, increased 0.5 per cent to 10.75 dirhams, the biggest one-day gain since January 3.

Egypt’s market is closed for a holiday. Kuwait’s gauge slipped 0.1 per cent, and Qatar’s QE Index was little changed.

Bloomberg