The MSM-30 Index climbed 0.95 per cent yesterday to close at 5,387 points. The total shares exchanged increased by 10.9 per cent to 45.905 million shares against the previous day’s 41.408 million shares.
The total value increased by 6.5 per cent, from RO10.967 million to RO11.675 million. Foreign investors were net sellers yesterday; they offloaded shares worth RO0.11 million, 0.9 per cent net in the total turnover.
The market was positive with 33 advances and nine declines out of 52 traded securities. Amongst the sectors, the Banking and Investment sector was the biggest gainer yesterday which closed 1.65 per cent higher at 7,315 points. Also, the industry sector rose 0.54 per cent to close at 5,609 points and the service and insurance sector increased 0.17 per cent to close at 2,304 points.
The top two gainers were: Global Investment (9.42 per cent) and Onic Holding (8.66 per cent) to close at RO0.151 and RO0.276, respectively. The top two losers were: Muscat National Holding (-8.93 per cent) and Maha Petroleum (-8.33 per cent), both closed at RO2.000 and RO6.417. The top two by volume traded were: Al Jazeira Services (13 million shares) and Gulf Investment Services (3.5 million shares).
The top two by value traded were: Al Jazeira Services (RO1.6 million) and Ominvest (RO1.1 million). NAVs as of May 17, 2009: Muscat Fund RO1.146, Oryx Fund-RO1.080 and Bank Muscat MSCI Kuwait Fund: (May 14, 2009) $0.5561.
Gulf shares rose the most in a week as oil climbed above $57 a barrel and after Nomura Holdings and Dubai-based Al Mal Capital lifted their recommendations on stocks. Dana Gas rose to its highest in more than a month after Nomura and Al Mal raised the price estimate of the United Arab Emirates-based natural-gas producer. Emaar Properties advanced the most in a week. Qatar National Bank rose to its highest since January. The Bloomberg GCC 200 Index, down 48 per cent in the last 12 months, gained 0.9 per cent yesterday. “We are starting to see liquidity come back,” said Haissam Arabi from Dubai, chief executive officer of Gulfmena Alternative Investments.
New mortgage rules to drive UAE property boom
The new property mortgage cap by the UAE Central Bank, which came into effect this week, will deliver more stability to the property market but further measures to curb the negative impacts of specu