Muscat bourse remains intact

07/01/2013 14:55 AST

The MSM30 index remains unchanged and closed at 5781.85 points. Bank Nizwa was the most active in terms of volume, while Bank Muscat was the most active in terms of turnover. Oman Packaging was the top gainer of the day and closed up by 8.70 per cent, while DBIH was the top loser for the day and closed down by 3.77 per cent.

A total number of 1,257 trades were executed in yesterday's trading session generating turnover of RO4.59 million with over 19.91 million shares traded. Out of 52 traded stocks, 18 advanced, 17 declined and 17 remained unchanged. Foreign investors were net buyers for RO449,000 shares while GCC and Arab investors were net sellers for RO446,000 followed by RO3,000 worth of shares.

Financial Sector Index closed at 6717.66 points, marginally up by 0.09 per cent. Financial Services, Oman Orix Leasing, Gulf Investment Services, Global Financial Investment and Bank Muscat increased by 1.45 per cent, 1.41 per cent, 1.02 per cent, 1.01 per cent and 0.86 per cent, respectively. DBIH, Oman United Insurance, Al Sharqia Investment, Bank Sohar and BankDhofar declined by 3.77 per cent, 1.42 per cent, 0.93 per cent, 0.59 per cent and 0.28 per cent, respectively.

The Industrial Sector Index was down by 0.38 per cent and closed at 7441.28 points. Oman Cement, Galfar Engineering, Voltamp Energy and Oman Packaging increased by 8.70 per cent, 0.54 per cent, 0.54 per cent and 0.15 per cent, respectively. Salalah Mills, Gulf Mushroom Products, Gulf International Chemicals, Al Hassan Engineering and Al Anwar Ceramic declined by 2.15 per cent, 1.93 per cent, 1.71 per cent, 1.19 per cent and 0.97 per cent, respectively.

Services Sector Index closed at 2959.74 points, down by 0.16 per cent. OIFC, Al Jazeira Services, Nawras and Port Service Corp increased by 1.31 per cent, 0.22 per cent and 0.19 per cent, respectively.

UAE's Tamweel drops

Tamweel PJSC fell the most in seven weeks after Dubai Islamic Bank PJSC's offer to take over the mortgage provider via a share swap was seen by Al Ramz Securities LLC as providing 'limited upside' for the stock.

Shares of Tamweel fell 4.2 per cent, the most since November 19, to 1.14 dirhams at the close in Dubai. About 25 million shares were traded, five times the three-month daily average. Dubai Islamic, the United Arab Emirates' biggest lender complying with Shariah banking laws,

slipped 1 per cent to 2.04 dirhams. Tamweel was the biggest decliner on a percentage basis on the benchmark DFM General Index, which gained 0.7 per cent.

Tamweel shareholders will be offered ten Dubai Islamic shares for every 18 held, the bank said on January 3. The fair value of Dubai Islamic and Tamweel shares was set at 2.25 dirhams and 1.25 dirhams, respectively. Tamweel shares, which resumed trading in May 2011 after being suspended in 2008, will be delisted from the stock market after completion of the takeover.

"The valuations of Dubai Islamic and Tamweel from the appointed adviser imply a limited upside," said Talal Touqan, head of research at Al Ramz in Abu Dhabi. "The deal makes Tamweel 100 per cent dependent on Dubai Islamic's price till the transaction takes place, as a no-arbitrage situation dictates a lower price for Tamweel unless Dubai Islamic rises back to higher levels."

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Bloomberg