MSM index gains again

10/04/2013 10:51 AST

The MSM 30 Index closed with gains at 6197.93 points, up by 0.82 per cent. National Aluminum was the most active in terms of volume as well as turnover. Oman Emirates remained the top gainer for the day, closing up by 8.09 per cent, while Oman Refreshment was the top loser and closed down by 2.95 per cent.

A total number of 2,918 trades were executed in yesterday's trading session generating a turnover of OMR13.88 million with over 51.19 million shares traded. Out of 53 traded stocks, 37 advanced, three declined and 13 remained unchanged. At close, foreign investors were net buyers to the tune of OMR767,000 followed by GCC & Arab investors for OMR317,000, while Omani investors were net sellers for shares worth OMR1.084 million.

Financial Sector Index was up by 1.12 per cent and closed at 7721.88 points. Oman& Emirates, Transgulf Holding, Al Sharqia Investment, ONIC Holding and Ominvest increased by 8.09 per cent, 5.19 per cent, 4.19 per cent, 3.18 per cent and 2.85 per cent respectively. The Industrial Sector Index closed at 8507.96 points, up by 1.28 per cent. National Aluminium, Construction Material Industries, Oman Flour Mills, Oman Cables and Gulf International Chemicals increased by 5.98 per cent, 4.55 per cent, 3.36 per cent, 3.32 per cent and 3.01 per cent respectively. Oman Refreshment, Dhofar Cattlefeed and Galfar Engineering declined by 2.96 per cent, 0.67 per cent and 0.54 per cent respectively.

Services Sector Index closed at 3184.39 points, up by 0.50 per cent. ACWA Power Barka, Renaissance Services, Port Service Corporation, Oman Telecom and Al Jazeira Services increased by 2.38 per cent, 1.73 per cent, 1.24 per cent, 0.99 per cent and 0.43 per cent respectively.

Dubai stocks surge

Dubai's benchmark stock index surged to the highest level in more than three years amid investor speculation first-quarter corporate profits may beat estimates and as banks repaid state loans ahead of time.

The DFM General Index climbed 2.4 per cent to 1,962.92, the highest since November 2009, at the close in the emirate. Dubai Islamic Bank, the biggest Sharia-compliant lender in the United Arab Emirates, advanced the most since December. 2009. Drake & Scull rose to the highest since 2012 amid takeover speculation, which the company denied.

Dubai Islamic, which raised $1 billion in perpetual sukuk last month to boost capital, has surged 17 per cent since its April 7 announcement that it repaid a Dh3.75 billion ($1 billion) Finance Ministry loan it took during the global financial crisis.

Drake & Scull may report a 10 per cent increase in profit this year, after a 42 per cent drop in 2012, according to the estimate. "Dubai Islamic benefited a lot from the fact that they were able to raise perpetual sukuk and then they paid back the government's bailout money," said Mohammed Ali Yasin, managing director of NBAD Securities in Abu Dhabi. He also said there is speculation that some companies, including Drake & Scull, may be 'taken over'.

Drake & Scull, the Dubai-based company that supplies engineering services to the construction industry, isn't subject to any takeover bids, Zeina Tabari, chief corporate affairs officer, said by phone after the market closed. The gain in shares could be driven by investor optimism before first-quarter results or expectations of future contracts. The shares climbed 5.2 per cent to 81.6 fils, the highest since October 2012.

Times of Oman