30/04/2013 11:14 AST
The MSM30 Index ended on a negative note to close at 6125.76 points, down by 0.87 per cent. Gulf Investment Services was the most active in terms of volume as well as turnover. Gulf Investment Services was the top gainer for the day to close up by 4.70 per cent, while Nawras was the top loser for the day and closed down by 6.75 per cent.
A total number of 2120 trades were executed in yesterday's trading session generating turnover of OMR11.42 million with over 51 million shares traded. Out of 61 traded stocks, 13 advanced, 31 declined and 17 remained unchanged. GCC and Arab investors were net buyers of OMR678,000 followed by Omani investors for OMR7,000 while foreign investors switched to net sellers for OMR685,000 worth of shares.
Financial sector
Financial Sector Index was down by 1.08 per cent and closed at 7507.54 points. Gulf Investment Services, Oman & Emirates, Al Izz Islamic Bank and DIDIC increased by 4.70 per cent, 4.43 per cent, 1.89 per cent and 1.72 per cent, respectively. Oman United Insurance , Ominvest, Al Anwar Holding, HSBC Bank Oman and Al Sharqia Investment declined by 2.17 per cent, 1.96 per cent, 1.95 per cent, 1.95 per cent and 1.93 per cent, respectively.
The Industrial Sector Index closed at 8745.47 points, marginally up by 0.01 per cent. Oman Refreshment, Oman Cement, Jazeera Steel Product, Oman Flour Mills and Oman Cables increased by 2.38 per cent, 1.31 per cent, 0.65 per cent, 0.17 per cent and 0.13 per cent, respectively. Al Hassan Engineering, Dhofar Cattlefeed, National Aluminium Products, Oman Textile Holding and Oman Chlorine declined by 3.03 per cent, 2.78 per cent, 2.61 per cent, 1.62 per cent and 1.58 per cent, respectively.
Services Sector Index was down by 0.77 per cent and closed at 3149.18 points. ACWA Power Barka was the only loser in the sector and was up by 2.70 per cent to close at RO 0.57. Nawras, OIFC, Renaissance Services, Oman Telecom and Al Maha Marketing declined by 6.75 per cent, 1.44 per cent, 0.58 per cent, 0.21 per cent and 0.20 per cent, respectively.
Batelco raises $650m
Bahrain Telecommunications raised $650 million from a bond sale as the Arabian Gulf country's biggest phone company seeks funds for an acquisition, according to four people familiar with the matter. The securities will be priced to yield 325 basis points, or 3.25 percentage points, over similar maturity US Treasury securities, the people said, asking not to be identified because the information is private. The company's first bond sale was managed by BNP Paribas and Citigroup, the people said.
The state-controlled company, known as Batelco, in December said it will buy Cable & Wireless Communications Plc's business in the Maldives, Channel Islands, Isle of Man, Seychelles, South Atlantic and Diego Garcia, as well as 25 per cent of Monaco's Cie. Monagesque de Communications SAM, for $680 million.
Standard & Poor's on April 22 assigned the bonds with a BBB- rating, the lowest investment grade, and said Batelco may use the proceeds to refinance a $650 million bridge loan that the company used to pay for CWC assets.
Mashreqbank rated the bond a buy at a yield above 4.25 per cent, it said in a research note yesterday.
Times of Oman
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