25/06/2013 11:29 AST
MSM30 index retreated on weak global and regional cues to close at 6,351.45 points, down by 0.88 per cent. GIS was the most active in terms of volume and turnover. Oman Cables was the top gainer for the day to close up by 3.53 per cent while ACWA Power Barka was the top loser for the day and closed down by 8.37 per cent.
A total number of 1,096 trades were executed in today's trading session generating turnover of OMR4.41 million with over 14.50 million shares traded. Out of 48 traded stocks, five advanced, 31 declined and 12 remained unchanged. At the session close, Omani investors were net buyers for OMR647,000 followed by foreign investors for OMR103,000 while GCC & Arab investors were net sellers for OMR750,000.
Financial Sector Index was down by 1.33 per cent and closed at 7,646.28 points. Taageer Finance and HSBC Bank Oman increased by 2.06 per cent and 1.02 per cent respectively. Transgulf Holding, Al Anwar Holding, Oman & Emirates, Bank Muscat and ONIC Holding declined by 4.48 per cent, 4.31 per cent, 4.05 per cent, 2.48 per cent and 2.45 per cent respectively.
The Industrial Sector Index closed at 9,232.43 points, down by 0.29 per cent.Oman Cables was the only gainer and was up by 3.53 per cent to close at OMR1.879. Construction Material Industries, Voltamp Energy, National Aluminium Products and Galfar Engineering declined by 3.95 per cent, 2.74 per cent, 2.53 per cent and 2.39 per cent respectively.
Services Sector Index plunged by 1.01 per cent and closed at 3291.85 points. Port Services was the only gainer and was up by 0.20 per cent to close at OMR0.492. ACWA Power Barka, OIFC, Al Jazeira Services, Nawras and United Power declined by 8.37 per cent, 2.39 per cent, 1.77 per cent, 1.21 per cent and 0.95 per cent respectively.
Dubai stocks drop
Dubai's benchmark stock index slumped to its lowest in more than a month, leading declines in the Middle East, amid an emerging-market rout after China signalled it will maintain efforts to curb credit.
The DFM General Index lost 1.9 per cent to close at 2,255.97 in Dubai. The measure, the second-best performer this year after Ghana's among 93 benchmarks tracked by Bloomberg, plunged as much as 5.1 per cent as volume fell to about a third the 30-day average. Abu Dhabi's ADX General Index retreated 1.1 per cent.
"The higher you rise the faster you fall," Mark Watts, head of the National Bank of Abu Dhabi's asset management group, said by phone yesterday. "The United Arab Emirates has had a stupendous year-to-date performance, so it's only natural that if people are looking to lighten up on emerging-market exposure they will target the ones that have risen the highest."
Encouraging sign
Dubai's measure has retreated 5.7 per cent in the last three days. Emaar Properties, the builder of the world's tallest tower in Dubai, fell two per cent yesterday, while Dubai Investments slid 4.2 per cent. "The fact the market recouped 50 per cent of its losses during the session is an encouraging sign that it could find a bottom for the time being," according to Fadi Al Said, senior fund manager at ING Investment Management in Dubai.
"Emerging market and international managers are locking in profits made in the United Arab Emirates markets after a great performance," he further added.
Times of Oman
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