The MSM-30 Index rose 0.67 per cent to close at 5,726 points yesterday. The total shares exchanged rose 31.2 per cent to 33.855 million shares against the previous day’s 25.794 million shares.
The total value traded climbed 28.2 per cent, from RO10.121 million to RO12.973 million. Foreigners were net buyers yesterday. They purchased shares worth RO0.08 million (0.2 per cent) in the total turnover. Foreign buying interest continued on MSM with investors buying a combined RO17.44 million during the month. The industry sector was the only loser yesterday which closed 0.7 per cent lower at 6,733 points. However, the Services & Insurance, and Banking & Investment sectors closed up 2.04 per cent at 2,495 points and 1.16 per cent at 7,670 points, respectively. The market was positive with 23 advances and 18 declines out of 50 traded securities.
The top two gainers were: Al Maha Petroleum (9.76 per cent) and Oman Oil Marketing (8.08 per cent) to close at RO8.875 and RO0.977, respectively. The top two losers were: Didic (-3.05 per cent) and Gulf Investment Services (-2.60 per cent) to close at RO0.413 and RO0.150, respectively.
The top two by volume traded were: Bank Sohar (160 million shares) and Al Anwar Holding (12 million shares). The top two by value traded were: Bank Sohar (RO 25.7 million) and Al Anwar Holding (RO2.9 million).
Qatari shares fall
Qatari shares dropped the most since March on speculation that this quarter’s rally outpaced the prospects for earnings growth and on concern over a Barwa Real Estate loan linked to a South African businessman.
Barwa tumbled 8.2 per cent, trimming the gain for the quarter to 76 per cent, on concern it made a $40 million loan available to a company linked to Barry Tannenbaum, the businessman under investigation for South Africa’s biggest fraud.
The Doha Securities Market 20 Index slumped 4.5 per cent, the most since March 30, to 6,762.8. The measure has still gained 38 per cent since April 1.
“It’s a greater theme of profit taking after a strong rally,” said Ali Taqi, director of asset management at AT Capital Management in Dubai.
Bursa likely to extend profit taking
Share prices are expected to undergo further profit-taking next week with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) possibly retreating to the 1760 points support level.