MSM rally continues

14/03/2013 10:56 AST

The MSM30 Index continued to end with gains for the fourth day in a row and closed at 6077.24 points, up by 0.25 per cent. Financial Services was the most active in terms of volume while Al Anwar Holding was the most active in terms of turnover. Oman United Insurance was the top gainer for the day and closed up by 6.33 per cent while Majan Glass was the top loser for the day and closed down by 7.82 per cent.

A total number of 2435 trades were executed in yesterday's trading session generating turnover of OMR9.71 million with over 41 million shares traded. Out of 60 traded stocks, 35 advanced, seven declined and 18 remained unchanged. Foreign investors were net buyers for OMR105,000 followed by Omani investors for OMR67,000 while GCC and Arab investors were net sellers for OMR172,000 worth of shares.

Financial Sector Index was up by 0.72 per cent and closed at 7189.28 points. Oman United Insurance, Financial Services, National Securities, Dhofar Insurance and Al Sharqia Investment increased by 6.34 per cent, 6.10 per cent, 5.09 per cent, 3.54 per cent and 2.33 per cent, respectively. Global Financial Investment, Gulf Investment and Bank Muscat declined by 1.79 per cent, 0.83 per cent and 0.32 per cent, respectively.

The Industrial Sector Index closed at 8300.05 points, up by 0.27 per cent. National Aluminium Products, Gulf International Chemicals, Dhofar Cattle feed , Al Hassan Engineering and Al Anwar Ceramic increased by 4.29 per cent, 2.17 per cent, 1.36 per cent, 1.17 per cent and 1.11 per cent, respectively.

Majan Glass, Jazeera Steel Product, Oman Cables Industry and Oman Flour Mills declined by 7.82 per cent, 0.32 per cent, 0.21 per cent and 0.19 per cent, respectively. Services Sector Index closed at 3202.03 points, up by 0.26 per cent. ACWA Power Barka, Renassiance Services, Port Services Corp and Al Jazeira Services increased by 1.63 per cent, 1.03 per cent, 0.55 per cent and 0.42 per cent, respectively.

Arabtec soars

Arabtec Holding rose the most in almost a week after the United Arab Emirates builder scrapped a plan to issue convertible bonds that had stoked concern among shareholders that their positions may be diluted.

Rather than selling convertible bonds, Arabtec plans to issue fixed-income notes this year or in 2014, according to a statement from the UAE market regulator to the Dubai bourse. The stock slumped 30 per cent through yesterday since Arabtec said on February 27 it will offer convertible bonds as part of a plan to raise capital by $1.74 billion to fund internal growth, acquisitions and joint ventures.

"The uncertainty related to the convertible bond and further dilution risks has been eliminated," Julian Bruce, Dubai-based head of institutional trading at EFG-Hermes Holding SAE, said in an e-mailed note to clients. He says investors should buy the shares after yesterday's announcement.

The stock gained 2.4 per cent, the most since March 7, to 2.13 dirhams at the close in Dubai. Arabtec, which surged as much as 7.7 per cent earlier, was the most traded on the benchmark DFM General Index, which fell 0.9 per cent. Arabtec will issue rights shares in two parts this year and in 2014, if needed, according to the statement. The builder will hold an annual AGM and EGM.

Times of Oman