28/07/2015 08:40 AST
MUSCAT: Amid weak trading activity, the MSM30 Index ended lower at 6,568.09 points, down by 0.21 per cent. The MSM Sharia Index closed at 990.93 points, down by 0.15 per cent. Phoenix Power was the most active in terms of volume as well as turnover. SMN Power, up by 3.41 per cent, was today’s top gainer while Al Izz Islamic Bank, down by 5.13 per cent, was the top loser.
As many as 799 trades were executed during the day's trading session generating turnover of OMR2.4 million with over 10 million shares changing hands. Out of 39 traded securities, nine advanced, 12 declined and 18 remained unchanged. Foreign investors were net buyers for OMR83,000 followed by Omani investors for OMR3,000 while GCC and Arab investors switched to net sellers of OMR86,000 worth of shares.
Financial Index had loss of 0.38 per cent to close at 8,079.65 points. Al Madina Takaful and Takaful Oman gained 1.09 per cent, and 0.90 per cent, respectively. Al Izz Islamic Bank, Al Sharqia Investments, Al Madina Investments, Bank Muscat and Oman United Insurance declined by 5.13 per cent, 3.27 per cent, 1.45 per cent, 1.39 per cent and 0.62 per cent, respectively.
Industrial Sector Index ended at 8,320.97 points, down by 0.10 per cent. Oman Cables increased by 0.22 per cent to close at OMR2.285. National Aluminium, Oman Fisheries and Gulf International Chemicals declined by 3.91 per cent, 1.85 per cent, and 1.46 per cent, respectively.
Services Sector Index closed the day at 3,526.97 points, marginally lower by 0.04 per cent. SMN Power, Al Batinah Power, Al Suwadi Power and Phoenix Power increased by 3.41 pe rcent, 3.14 per cent, 2.22 per cent and 0.63 per cent, respectively. Sembcorp Salalah, OIFC and Al Jazeera Services declined by 3.73 per cent, 1.83 per cent and 1.62 per cent, respectively.
Emerging stocks fall
Emerging-market stocks fell toward a two-year low, led by a slump in Chinese equities, as concern grew that the slowdown in the world’s second-biggest economy is deepening. Russia’s ruble weakened with oil prices.
The Shanghai Composite Index tumbled the most since February 2007. China Life Insurance led a 3.8 per cent slump in Hong Kong’s Hang Seng China Enterprises Index. Inotera Memories Inc. sank 10 per cent in Taipei as a gauge of technology shares slid to a nine-month low. The ruble fell to a four-month low versus the dollar. Turkey’s lira headed for a record low.
The MSCI Emerging Markets Index fell 1.7 per cent to 895.37 at 9:43am in London. China’s stock retreat Monday raises concern that a three-week rally sparked by unprecedented government intervention is unsustainable amid a worsening economic slowdown. Chinese industrial profits slid 0.3 per cent in June from a year earlier. The US reports on durable and capital goods orders, with the Federal Reserve set to meet this week.
“China is a major driver for the developing countries and its weak economy will significantly affect their exports,” Thanomsak Saharatchai, the head of research at KT Zmico Securities, said by phone. “The worry about higher US interest rates will continue to hurt investors’ sentiment, especially in emerging markets.”
The developing-nation measure has lost 6.4 percent this year and trades at 11 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index has risen 1.9 per cent in 2015 and is valued at a multiple of 16.2.
Times of Oman
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