MSM index inches down on listless trading

20/06/2011 00:00 AST

The MSM30 Index decreased 0.01 per cent to close at 6,021 points. The advance to decline ratio at the end of the trading session stood at 1.09:1. The total shares exchanged decreased by 48.92 per cent to 4.091 million shares and the total value traded decreased by 52.65 per cent to RO1.441 million. The market breadth was positive with 12 gainers and 11 losers out of 44 traded securities.

Amongst the sectors, Banking and Investment Sector decreased 0.16 per cent to close at 6,557 points. The Services and Insurance Sector increased 0.13 per cent to close at 2,542 points. The Industrial Sector increased 0.11 per cent to close at 6,714 points.

The top two gainers were Transgulf Holding (+3.28%) and Dhofar Cattlefeed (+2.56%) to close at RO0.063 and RO0.120.

The top two losers were Ominvest (-2.28%) and Global Investment (-2.00%) to close at RO0.472 and RO0.049. The top two by volume traded were Ominvest (0.704 million shares) and National Aluminium (0.470 million shares). The top two by value traded were Ominvest (RO0.333 million) and Nawras (RO0.252 million).

Abu Dhabi shares rise

Abu Dhabi’s benchmark stock index advanced to the highest since November on speculation the United Arab Emirates will be upgraded to emerging market status by MSCI this week. Egypt’s stocks increased.

Abu Dhabi Commercial Bank climbed 1.9 per cent after it said it will make a profit of about one billion dirhams ($272 million) from the sale of its stake in RHB Capital. Emirates Telecommunications, the UAE’s biggest phone company, gained a 10th day, the longest winning streak since 2005.

The ADX General Index climbed 0.5 per cent to 2,775.44, the highest since November 1, at the 2pm close in Abu Dhabi. Dubai’s DFM General Index fell 0.1 per cent after rising 2.8 per cent last week.

The Bloomberg GCC 200 Index dropped 0.1 per cent at 1:37pm in Riyadh. Saudi Arabia’s Tadawul All Share Index retreated and Bahrain’s BB All Share Index dropped 0.2 per cent while Kuwait’s gauge slipped 0.4 per cent.

Abu Dhabi Commercial Bank added 1.9 per cent to 3.29 dirhams, the highest since October 2008. The UAE’s third-biggest bank by assets on June 17 agreed to sell its 24.9 per cent stake in Malaysian lender RHB Capital to Abu Dhabi’s state-owned Aabar Investments for 10.80 ringgit a share, or about 5.9 billion ringgit ($1.9 billion).

Exchanges in the UAE may attract $1.5 billion if the nation secures the upgrade, Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi, said in April.

Bloomberg