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10/02/2016 08:16 AST
The Muscat Securities Market continues to be the best performing bourse in the region amid correction trend seen in other markets. MSM has shed just 0.14 per cent, as of Monday’s closing, since the start of this year.
According to analysts, the recent outperformance was by Omani equities was led by continued local buying support in the frontline stocks amid valuation and dividend attractiveness.
On Tuesday, the benchmark MSM 30 Index witnessed a marginal fall of 0.19 per cent to close at 5,388.020 points on the back of range-bound trade along with stock specific activity.
“It is just a correction”, said an analyst at a local brokerage house.
The market was steady on the last three trading sessions following rise in oil prices.
“Definitely there is a co-relation between the equities and oil prices in the region. Despite rise in the oil on Tuesday, the equities suffered marginally, not only on the local bourse but also in the region. The drop came as a result of the market correction”, the analyst said.
Oil prices edged up on Monday, clawing back some of the losses from a sell-off across broader financial markets, but a report showing supply will not drop quickly enough to erode a global surplus kept gains in check.
Dubai’s index fell 2.2 per cent with blue chips shares like Emaar Properties and Emirates NBD each tumbling more than 3 per cent.
Abu Dhabi’s benchmark was down 0.4 per cent after closing flat on the previous day; large-cap lender First Gulf Bank fell 0.9 per cent. Dana Gas retreated 2.1 per cent after gaining for three days.
Kuwait’s main index edged down 0.4 per cent on Tuesday.
While Omanis remained net buyers to the tune of 38.36 per cent, GCC investors remained net sellers accounting for 31.8 per cent on the local bourse.
Among sectorial indices, industry registered a gain of 0.43 per cent while the financial index was down by 0.24 per cent. Service sector index gained marginally by 0.14 per cent.
United Power was the biggest gainer with 9.88 per cent. The Sharia Index ended flat at 833.35 points.
Meanwhile, the International Energy Agency (IEA) cut its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day (bpd) following a five-year high of 1.6 million in 2015, and reduced its estimate of demand for Opec crude.
There had been hopes that Opec and non-Opec producers could come to a deal to cut output but the IEA noted that this was just pure “speculation” at this moment.
“It is Opec’s business whether or not it makes output cuts either alone or in concert with other producers but the likelihood of coordinated cuts is very low. This removes one driver of bullishness,” the IEA said.
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