28/12/2016 07:58 AST
Active trading in index heavyweights lifted the MSM30 Index 0.59 per cent to 5,760.95 points, its highest level in three months. The MSM Sharia Index gained 0.38 per cent to close at 861.15 points. HSBC Bank was the most active in terms of volume while Bank Muscat led in turnover. With a gain of 3.52 per cent, Bank Muscat was the top gainer, while A’Saffa Foods was the top loser, with a loss of 2.44 per cent.
A total number of 756 trades were executed on Tuesday, generating turnover of OMR3.14 million with 12.18 million shares changing hands. Out of 43 traded securities, 15 advanced, 9 declined and 19 remained unchanged. Foreign investors switched to net buyers for OMR332,000 while GCC and Arab investors were net sellers for OMR215,000 followed by Omani investors for OMR117,000 worth of shares.
Financial Index advanced by 0.61 per cent to finish at 7,663.42 points. Bank Muscat, Oman & Emirates Holding, Al Madina Investment, HSBC Bank and Al Madina Takaful gained by 3.52 per cent, 2.31 per cent, 1.79 per cent, 1.69 per cent and 1.43 per cent, respectively. Ahli Bank, Al Sharqia Investment, Bank Sohar and Al Anwar Holding declined by 1.04 per cent, 0.71 per cent, 0.62 per cent and 0.53 per cent, respectively.
Industrial Index ended lower at 7,357.74 points, down by 0.03 per cent. Oman Cables, up by 1.01 per cent was only gainer. A’Saffa Foods and Galfar Engineering declined by 2.44 per cent and 1.04 per cent, respectively.
Services Index increased by 0.23 per cent to close at 3,046.89 points. Oman National Engineering, Al Maha Petroleum, Shell Oman Marketing, Oman Telecommunications Company and Ooredoo gained by 3.23 per cent, 2.08 per cent, 0.77 per cent, 0.66 per cent and 0.61 per cent, respectively. Sembcorp Salalah, Phoenix Power and Muscat Gases declined by 1.28 per cent, 0.68 per cent and 0.65 per cent, respectively.
India stocks rebound
Indian stocks advanced as some investors deemed the recent decline in the benchmark gauge to a five-week low to be excessive.
The S&P BSE Sensex climbed 1.6 per cent, the most in more than two weeks, as shares of metals and consumer goods companies rose. It had fallen 0.9 per cent on Monday to the lowest level since Nov. 21, after Prime Minister Narendra Modi hinted at raising taxes on income earned from share trading.
"The market looked a bit oversold and investors used the opportunity to value-pick stocks,” said Jitendra Panda, chief executive officer at Peerless Securities, said by phone from Kolkata. "But we can’t say that the worst is behind us. Market will remain volatile till we get more clarity on foreign investors’ plan for the emerging-markets. ”
Overseas investors have sold more than $875 million of local stocks this month, after a $2.6 billion net outflow in November.
ITC, which climbed the most in four months ,lead the gains followed by Tata Steel. Gail India was the worst performer, dropping over one per cent.
Times of Oman
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