07/06/2015 02:13 AST
After gaining for three consecutive days and performing more positively than its peers elsewhere in the region, the Muscat Securities Market ended the week on a flattish note. Still analysts expect the market to witness consolidation in the coming days of trading. “Although foreigners continued to marginally reduce exposure to Omani equities, we remain positive on increased interest investors”, said an analyst at a leading brokerage firm.
At the session close, foreign investors were net sellers for RO 192,000 worth of shares while domestic investors were net buyers for RO 183,000 followed by GCC and Arab investors who bought RO 9,000 worth of stocks.
The benchmark MSM Index closed at 6,462 points on Thursday, marginally down by 0.09 per cent on thin trading volumes. The MSM Sharia Index also closed relatively flat at 997.50 points.
MSM30 Index market capitalisation as at the end of the day stood at RO 7.019 billion.
The Financial Index too closed the day flat, while the Industry Index ended the day gaining 9 points. The Services Index ended the day declining by 0.3 per cent.
Of a total of 432 trades executed with a turnover of RO 1.61 million, over 8.30 million shares changed hands.
In the service sector, investors of Galfar were in for a ride after the Capital Market Authority decided to suspend trading on the company’s shares.
The suspension followed the disclosure statement by Galfar to CMA that the company’s board has decided not to accept a settlement offer from Muscat Municipality relating to Muscat Expressway and Central Corridor projects.
The regulator said it was not satisfied with the disclosure note and asked Galfar to furnish additional and detailed information about matter relating to the claims.
Oman & Emirates Investment Holding was the most active stock in terms of volume while Bank Muscat was the most active in terms of turnover.
Oman Fisheries was the highest gainer and closed up by 3.64 per cent while Renaissance Services, which lost 3.01 per cent in value, was the top loser for the day.
Al Sawadi Power, Sharqiya Desalination, Al Batinah Power, Port Services Corporation and Sembcorp Salalah were up by 2.50 per cent, 1.83 per cent, 0.50 per cent, 0.45 per cent and 0.20 per cent respectively. Renaissance Services, OIFC and Omantel were down by 3.01 per cent, 1.23 per cent and 0.29 per cent respectively.
In the region, except for Abu Dhabi and Qatar, all other equities markets lacked lustre during the week.
Amid overseas news reports on uncertainties regarding Qatar’s 2022 Fifa World Cup, domestic institutions instilled confidence in the Qatar Stock Exchange, making it the best performer in the Gulf region Notwithstanding the strong selling pressure from foreign institutions and local retail investors, the 20-stock Qatar Index surged 1.6 per cent during the week that witnessed global credit rating agency Moody’s upgrade the insurance financial strength rating of Qatar Islamic Insurance Company to ‘Baa1’ from ‘Baa2’ with a “stable” outlook.
The main Saudi stock index inched down 0.1 per cent, while petrochemicals sector leader Saudi Basic Industries added 0.1 per cent. Saudi Electricity Co was the main drag on the index, sliding 2.4 per cent.
Egypt’s bourse fell 1.4 per cent and Telecom Egypt dropped 3.0 per cent after saying it had decided not to buy back its treasury stock, a move it had considered after its exclusion from MSCI’s emerging markets index last month.
In Kuwait, the index edged up 0.2 per cent to 6,324 points, while the Dubai index closed flat even as shares of Amlak continued to corner the market volumes.
Oman Daily Observer
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