MSM index edges lower

31/07/2011 00:00 AST

The MSM 30 index declined 1.58 per cent in the week ended July 28 to close at 5,848, with all the three sector indices in the red. Market breadth was negative as 22 stocks advanced while 27 stocks declined. Market turnover was 136 per cent higher compared to that in the previous week.

Key factors that influenced market movement in the previous week include US debt limit stalemate is rattling investor confidence though a short-term solution may be agreed on August 02. The US may lose its AAA status from one or more ratings agencies.

Oman Oil Marketing reported a 31 per cent year-on-year rise in net profit in second quarter of 2011 on account of 29 per cent year-on-year increase in sales. Sequentially, net profit rose 21 per cent quarter-on-quarter in second quarter of 2011 on account of 13 per cent growth in sales coupled with an improvement in net profit margin by 20bps to 3.2 per cent in second quarter of 2011.

The stock currently trades at 11.4x its 2011E EPS of RO0.125

Nawras reported a 13 per cent year-on-year drop in net profit in second quarter of 2011 at RO10 million while revenue increased 7.0 per cent year-on-year. Net profit was lower mainly due to higher depreciation and a higher payroll expense.

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