MSM down marginally

10/09/2013 10:17 AST

The MSM 30 Index ended lower and closed at 6379.54 points, down by 1.12 per cent. MSM Shariah Index also closed down at 1026.53 points, losing 0.47 per cent.

Al Anwar Holding was the most active in terms of volume as well as turnover. Oman Oil Marketing was the top gainer and closed up by 0.96 per cent, while Al Hassan Engineering was the top loser, declining by 6.28 per cent.

Altogether 1,472 trades were executed in yesterday's trading session generating a turnover of OMR6.13 million with over 23.76 million shares traded. Out of 49 traded stocks, five advanced, 35 declined and nine were unchanged. Omani investors switched to net buyers to the tune of OMR297,000 worth of shares, followed by GCC & Arab investors at OMR200,000, while foreign investors, who were net sellers, sold shares worth OMR497,000.

Financial Sector Index down by 1.26 per cent at 7766.55 points. DBIH, ONIC Holding, Oman&Emirates, United Finance and Ominvest declined by 4.26 per cent, 3.61 per cent, 3.57 per cent, 3.33 per cent and 3.24 per cent respectively.

Industrial sector in red

The Industrial Sector Index closed down by 0.99 per cent at 9334.32 points. Majan Glass was the only loser in the sector and was up by 0.62 per cent to close at 0.327. Al Hassan Engineering, Galfar Engineering, Gulf International Chemicals, National Aluminium Products and Oman Fisheries declined by 6.28 per cent, 3.61 per cent, 3.30 per cent, 1.97 per cent and 1.96 per cent respectively.

Services Sector Index closed at 3360.40 points, down by 0.57 per cent. Oman Oil Marketing, Oman Education & Training Investment, Shell Oman Marketing increased by 0.96 per cent, 0.91 per cent and 0.04 per cent respectively. OIFC, Al Jazeira Services, Renaissance Services, Oman Telecom and Al Maha Marketing declined by 3.80 per cent, 1.98 per cent, 1.90 per cent, 0.95 per cent and 0.30 per cent respectively.

Dubai bourse plunges

Dubai's shares dropped to a two- month low, leading declines in the Gulf, on concern a potential United States-led military strike against Syria will destabilise the region.

The benchmark DFM General Index tumbled 2 per cent to 2,324.54, the lowest close since July 7 and the second-biggest decline among 94 global indices. Abu Dhabi's gauge lost 1.4 per cent and the Bloomberg GCC 200 Index of regional stocks decreased 0.3 per cent. Emirates NBD retreated the most in almost two weeks.

Dubai's equity index has fallen 7.9 per cent this month as US President Barack Obama tries to persuade Congress to support air strikes against Syria over a chemical attack.

Investors have are selling shares in one of the world's five best-performing equity indexes this year amid concern a conflict would affect Dubai's trade and tourism industries.

"It's a continuation of investors' nervousness to the political developments in Syria and profit taking," Tariq Qaqish, a director at Dubai-based fund manager Al Mal Capital PSC, said by e-mail yesterday. Syrian President Bashar Al Assad said the US should 'expect every action' in retaliation if it proceeds with limited military strikes.

The DFM, which has posted the biggest price swings in the world in the past month, is up 43 per cent in 2013. The emirate earned safe-haven status among investors after being unaffected by uprisings that spread through the Middle East since 2011. Wholesale and retail trade in Dubai grew at the fastest pace in five years in 2012. Emirates NBD fell 5.6 per cent.

Times of Oman