MSM index falls

01/08/2011 00:00 AST

Oman's benchmark stock index, the Muscat Securities Market 30 Index, fell 0.69 per cent at the close in Muscat, yesterday.

The index of 30 companies traded on the MSM fell 40.63 to 5,808.03. Among the stocks in the index, five rose, 15 fell and 10 were unchanged.

Declines in the Muscat Securities Market 30 Index were led by Bank Dhofar, BankMuscat and Oman Telecommunications.

Dubai stocks rise

Middle East shares rose, sending Dubai’s measure up the most in two weeks, as US politicians began a fresh attempt to reach an agreement on raising the country’s debt limit two days before a default deadline.

Emaar Properties, the developer of the world’s tallest skyscraper, gained 2.1 per cent and Dubai Islamic Bank rallied the most in three months as second-quarter profit rose 10 per cent.

The DFM General Index climbed 0.8 per cent, the most since July 13, to 1,517.58 at close in Dubai.

The measure was little changed in July. The Bloomberg GCC 200 Index rose 0.3 per cent in Riyadh after slipping as much as 0.3 per cent earlier.

Qatar’s QE Index rose 0.3 per cent and Saudi Arabia’s Tadawul All Share Index gained 0.7 per cent after tumbling 1.4 per cent on Saturday. Kuwait’s SE Price Index slipped 0.1 per cent and Bahrain’s BB All Share Index fell 0.5 per cent, while Abu Dhabi’s ADX General Index decreased 0.3 per cent.

Reports that “there is a preliminary agreement on a deal between US President Barack Obama and the Republicans” helped push up stocks, said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai.

Emaar advanced the most since July 3 to Dh2.88 and Dubai Islamic jumped three per cent, the most since April 20, to Dh2.06. Net income at the United Arab Emirates’ biggest lender complying with Sharia rules increased to Dh331 million ($90 million).

Bloomberg