MSM index ends lower

01/04/2013 09:47 AST

The MSM 30 Index started the week on a negative note and closed at 5989.68 points, down by 1.02 per cent. GIS was the most active in terms of volume, while Al Anwar Holding was the most active in terms of turnover. National Aluminum was the top gainer for the day to close up by 7.89 per cent, while National Securities was the top loser for the day and closed down by 9.68 per cent.

A total number of 1,790 trades were executed in yesterday's trading session generating turnover of OMR7.71 million with over 32.23 million shares traded. Out of 49 traded stocks, 11 advanced, 30 declined and 8 remained unchanged. Omani investors were net buyers for OMR142,000 while GCC investors were net sellers for OMR85,000 worth of shares followed by foreign investors for OMR57,000.

Financial Sector Index was down by 1.2 per cent and closed at 7271.57 points. Al Anwar Holding, Al Sharqia Investment, Gulf Investment Services and Bank Sohar, increased by 1.96 per cent, 1.36 per cent, 0.74 per cent, and 0.52 per cent, respectively. National Securities, United Finance, Oman United Insurance, ONIC Holding and DBIH declined by 9.68 per cent, 7.98 per cent, 4.6 per cent, 4.48 per cent and 2.67 per cent, respectively.

The Industrial Sector Index closed at 8155.30 points down by 0.82 per cent. National Aluminium Products, Al Hassan Engineering and Raysut Cement increased by 7.89 per cent, 1.14 per cent and 0.07 per cent, respectively. Gulf International Chemicals, Oman Refreshment, Galfar Engineering, Dhofar Cattlefeed and Construction Material declined by 7.82 per cent, 4.72 per cent, 4.2 per cent, 3.9 per cent and 1.64 per cent, respectively.

Services Sector Index closed at 3150.72 points, down by 1.03 per cent. OIFC, OHI and SMN Power Holding increased by 0.76 per cent, 0.66 per cent and 0.02 per cent respectively. Oman Telecommunications Company, Port Services, Renaissance Services, Nawras and Jazeira Services declined by 5.04 per cent, 3.82 per cent, 1.68 per cent, 1.13 per cent and 0.93 per cent, respectively.

Dubai shares drop

Dubai's benchmark stock index dropped to the lowest level in two months amid speculation gains this quarter were overdone.

Emaar Properties PJSC, the developer of the world's tallest skyscraper, declined 1.7 per cent, trimming its quarterly surge to 37 per cent. Gulf Navigation Holding, which specialises in shipping oil and gas, plunged the most since March last year after its loss widened. The stock was the most traded on the DFM General Index, which retreated 0.9 per cent to 1,829.24, the lowest close since January 28. Egypt's measure fell for the first time in three days.

The drop pared the DFM's gains this quarter to 13 per cent, the biggest such increase in a year and the third-strongest performance among seven Gulf benchmark indices. Seventeen stocks declined today, four gained and 10 were unchanged. Drake & Scull International lost the most since March 5 after the board of the supplier of engineering services to the construction industry recommended not paying a dividend. The market is undergoing a correction, said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities. Gulf Navigation also declined after saying the shipping industry "will continue to suffer" this year, he said.

Bloomberg