05/07/2015 03:48 AST
Although most Gulf stocks witnessed a mixed trend, the Muscat Securities Market picked up positive activity towards the end of trading last week. Phoenix Power continued to top the volume chart since its debut while Bank Muscat was the most active in terms of turnover. The benchmark MSM30 close higher by 0.23 per cent at 6,443.96 points. The Financial Index ended the day up by 40 points. The Industry Index closed the day higher by five points, while the Service index ended the day in green by four points.
MSM Shariah Index remained unchanged at 993.49 points.
Analysts expect the market expect a consolidation phase in the local equities and improved rally after the Eid al Fitr holidays.
Still they say the local bourse may take cues from second quarter earnings, which would act as near term trigger for institutional fund flows into equities.
“The ongoing holy month of Ramadhan and also the forthcoming holiday’s season may dampen the overall market participation”, said an analyst at a leading brokerage firm.
However, he said, “the ongoing Greek crisis which has called for a referendum is expected have a knee jerk reaction in the global and regional equity markets in the event of a ‘no’ vote”.
On the last day of trading on Thursday, a total number of 1,335 were traded during generating turnover of RO 5.92 million with over 23.6 million shares changing hands.
Of the 45 traded securities, 18 advanced, 4 declined and 23 remained unchanged. At the session close, Omani Investors were net buyers for RO 414,000 followed by Foreign Investors for RO 132,000 while GCC and Arab Investors were net sellers for RO 546,000 worth of shares.
MSM30 Index Market Capitalisation as at the end of the day stood at RO 7.038 billion.
In the Financial Index, Al Sharqia Investments, DBIH, Oman & Emirates Holding, Gulf Investment Services and Al Madina Investments increased 4.96 per cent, 4.17 per cent, 3.42 per cent, 2.96 per cent and 2.86 per cent respectively.
HSBC Bank decreased 0.74 per cent to close at RO 0.135.
In the industrial sector, Galfar Engineering, Construction Materials and Al Hassan Engineering increased 3.28 per cent, 2.56 per cent and 2.06 per cent respectively. Oman Cement and Al Anwar Ceramics declined 0.76 per cent and 0.47 per cent, respectively.
The Services Sector Index, which advanced 0.12 per cent and closed at 3,456.89 points, Phoenix Power, Al Suwadi Power, National Gas, Al Batinah Power and Omantel gained by 1.33 per cent, 1.02 per cent, 0.57 per cent, 0.51 per cent and 0.29 per cent respectively. OIFC, down by 0.47 per cent, was the only sector loser.
In the region, The Saudi index edged down 0.1 per cent as petrochemical giant Saudi Basic Industries lost 0.2 per cent and Saudi Ground Services pulled back 0.5 per cent after soaring since its listing on Thursday.
Abu Dhabi’s benchmark share index gained 0.6 per cent as telecommunications operator Etisalat climbed 1.5 per cent, rebounding after a weeklong decline.
Qatar’s market edged up 0.6 per cent as Qatar National Bank, which had lost 2.1 per cent Wednesday, rebounded 1.1 per cent on Thursday.
Oman Daily Observer
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