MSM: Shares edge lower

21/02/2011 00:00 AST

Oman’s benchmark stock index, the Muscat Securities Market 30 Index, fell 1.10 per cent at the close in Muscat.

The index of 30 companies traded on the Muscat Securities Market fell 76.57 to 6,895.01. Among the stocks in the index, two rose, 24 fell and four were unchanged. Declines in the Muscat Securities Market 30 Index were led by Bank Muscat, Renaissance Services and Ahli Bank.

Dubai shares drop

Middle East shares slumped, sending Dubai’s benchmark stock index down the most this month, on concern political unrest in the region may spread.

Emaar Properties, builder of the world’s tallest skyscraper, dropped 4.7 per cent. Dubai Islamic Bank, the United Arab Emirates’ biggest Shariah-compliant lender, fell the most since November. The DFM General Index retreated 3.7 per cent, the most since January 30, to 1,536.45 at the 2pm close in Dubai. Kuwait’s gauge tumbled 2.5 per cent, led by Mobile Telecommunications as the company’s board rejected all purchase offers for its 25 per cent stake in Zain Saudi Arabia.

Qatar’s QE Index decreased 1.6 per cent. Bahrain’s gauge dropped 0.2 per cent and Abu Dhabi’s ADX General Index lost 1.9 per cent. Saudi Arabia’s Tadawul All Share Index declined 0.8 per cent.

“The spread of the geo-political tension into Bahrain is causing investors to be risk averse,” said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities.

Emaar dropped to 3.02 dirhams, the lowest since June 16. Dubai Islamic retreated 3.4 per cent, the most since November 7, to 2.25 dirhams.

Bloomberg