MSM index edges higher

09/01/2013 10:49 AST

The MSM30 Index reversed Monday's loss to end with gains and closed at 5778.83 points, up by 0.15 per cent. Bank Sohar was the most active in terms of volume as well as turnover. Financial Services was the top gainer of the day to close up by 2.94 per cent, while HSBC Bank Oman was the top loser for the day and closed down by 1.97 per cent.

A total number of 1406 trades were executed in trading session generating turnover of OMR5.54 million with over 26.32 million shares traded. Out of 48 traded stocks, 18 advanced, 11 declined and 19 remained unchanged. Omani investors were net buyers for OMR396,000 shares while GCC and Arab investors switched to net sellers for OMR313,000 followed by foreign investors for OMR83,000 worth of shares.

Financial Sector Index closed at 6718.94 points, up by 0.35 per cent. Financial Services, Global Financial Investment, Gulf Investment Services, Oman United Insurance and DBIH increased by 2.94 per cent, 2.04 per cent, 2.04 per cent, 1.96 per cent and 1.96 per cent, respectively. HSBC Bank Oman, Ominvest, National Bank of Oman and Bank Dhofar declined by 1.97 per cent, 1.03 per cent, 0.35 per cent and 0.28 per cent, respectively.

The Industrial Sector Index was marginally up by 0.06 per cent and closed at 7387.36 points. A'Saffa Foods, Dhofar Cattlefeed , Jazeera Steel Product and Oman Cement increased by 1.89 per cent, 1.27 per cent, 0.98 per cent and 0.16 per cent, respectively.

Oman Flour Mills, Voltamp Energy and Al Anwar Ceramic declined by 1.04 per cent, 0.55 per cent and 0.25 per cent, respectively. Services Sector Index closed at 2959.82 points, marginally up by 0.06 per cent. OIFC, Al Jazeira Services, Al Maha Marketing and Oman Telecom increased by 1.80 per cent, 0.78 per cent, 0.60 per cent and 0.55 per cent, respectively. Port Service Corp, Sohar Power, Nawras and Renaissance Services declined by 1.13 per cent, 0.55 per cent, 0.42 per cent and 0.40 per cent, respectively.

Arabtec surges

Arabtec Holding surged to the highest level

in more than two months after the United Arab Emirates' biggest construction company by market value won a contract to build Abu Dhabi's branch of the Louvre museum.

The shares rose 5.3 per cent to 2.58 dirhams, the highest since October 31, at the close in Dubai. The stock was the second- biggest gainer on Dubai's benchmark DFM General Index, which climbed 2.1 per cent to 1,727.29, the highest since March 5. A venture of Arabtec, Constructora San Jose and Oger Abu Dhabi won a 2.4 billion-dirham ($653 million) contract from government-owned Tourism Development & Investment Co and construction will start immediately, Arabtec said.

"The new award could imply strengthening ties between Arabtec and its new shareholders linked to the Emirate of Abu Dhabi," said Jan Pawel Hasman, a Cairo-based analyst at EFG-Hermes Holding SAE. The ties "bode well for the company's opportunities in securing government-sponsored contracts in the future, giving it an edge over local peers," he said.

Arabtec shares surged 48 per cent last year as Abu Dhabi government-controlled Aabar Investments raised its stake in the builder to 21.6 per cent.

Times of Oman