03/04/2013 10:36 AST
The MSM 30 Index yesterday turned positive after four sessions of consecutive losses and closed at 6009.5 points, up by 0.68 per cent. Global Investment Services was the most active in terms of volume as well as turnover. DBIH was the top gainer for the day, closing up by 9.26 per cent, while Al Maha Marketing was the top loser and closed down 3.24 per cent.
A total number of 3,006 trades were executed in yesterday's trading session generating a turnover of OMR10.64 million with over 66.51 million shares traded. Out of 49 traded stocks, 33 advanced, 7 declined and 9 remained unchanged. At the session close, foreign investors were net buyers to the tune of OMR151,000 shares, while Omani investors, who were net sellers, sold shares worth OMR110,000 followed by GCC& Arab investors at OMR41,000.
Financial Sector Index was up by 1.71 per cent and closed at 7376.37 points. DBIH, Financial Services, Oman & Emirates, Ominvest, National Securities and Al Sharqia Investment increased by 8.11 per cent, 7.32 per cent, 5.88 per cent, 5.50 per cent, 5.36 per cent and 4.03 per cent respectively. Al Anwar Holding was the only loser in the sector and was down by 0.95 per cent to close at 209 baisas.
The Industrial Sector Index closed at 8199.31 points and was up by 0.63 per cent. Construction Material Industries, Fajar Alamia, Al Hassan Engineering, Oman Textile Holding and National Mineral Water increased by 8.07 per cent, 3.64 per cent, 3.28 per cent, 2.86 per cent and 2.70 per cent respectively. National Aluminium and Dhofar Cattlefeed declined by 0.67 per cent and 0.34 per cent respectively.
Services Sector Index closed at 3144.95 points, down by 0.13 per cent. Nawras and Port Service Corporation increased by 1.71 per cent and 0.84 per cent respectively. Al Maha Marketing, Renaissance Services, Al Jazeira Services and Oman Telecom declined by 3.24 per cent, 0.38 per cent, 0.23 per cent and 0.14 per cent respectively.
Dubai shares drop
Dubai's benchmark stock index dropped to the lowest level in two months amid speculation gains this quarter were overdone.
Emaar Properties, the developer of the world's tallest skyscraper, declined 1.7 per cent, trimming its quarterly surge to 37 per cent. Gulf Navigation, which specialises in shipping oil and gas, plunged the most since March last year after its loss widened. The stock was the most traded on the DFM General Index, which retreated 0.9 per cent to 1,829.24, the lowest close since January 28. Egypt's measure fell for the first time in three days.
The drop pared the DFM's gains this quarter to 13 per cent, the biggest such increase in a year and the third-strongest performance among seven Gulf benchmark indexes. Seventeen stocks declined yesterday, four gained and 10 were unchanged. Drake & Scull International lost the most since March 5 after the board of the supplier of engineering services to the construction industry recommended not paying a dividend.
The market is undergoing a "correction," said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities. Gulf Navigation also declined after saying the shipping industry 'will continue to suffer' this year, he said.
The company posted a Dh147.8-million loss ($40 million) in 2012 compared to Dh72.7 million a year earlier. EFG-Hermes forecast a loss of Dh23 million, according to data. The shares tumbled 8.2 per cent to 22.4 fils. About 28 million shares traded yesterday, double the three-month daily average, the data show. Emaar fell to Dh5.12. Drake & Scull slid 1.9 per cent to 73 fils.
Bloomberg
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