30/03/2017 07:46 AST
Shares on the Muscat bourse recovered partially on Wednesday. The MSM30 Index ended the session on a positive note at 5,553.52 points, up by 0.19 per cent. The MSM Sharia Index gained 0.30 per cent to close at 842.03 points. Al Madina Investment was the most active in terms of volume while Bank Muscat led in terms of turnover. The top gainer was A’Saffa Foods, up by 5.49 per cent while the top loser was Port Services with a loss of 9.69 per cent.
As many as 922 trades were executed on Wednesday, generating turnover of OMR3.22 million with 19.44 million shares changing hands. Out of 38 traded securities, 17 advanced, 11 declined and 10 remained unchanged. GCC and Arab investors remained net buyers for OMR203,000 followed by foreign investors for OMR43,000 while Omani investors were net sellers for OMR246,000 worth of shares.
Financial Index recovered 0.31 per cent to close at 7,845.67 points. Gulf Investment Services, Al Madina Investments, Ahli Bank, Ominvest and Takaful Oman gained 4.55 per cent, 2.90 per cent, 2.67 per cent, 2.26 per cent and 1.74 per cent, respectively. Oman United Insurance, Al Batinah Investment, Al Madina Takaful and Muscat Finance declined by 8.65 per cent, 3.53 per cent, 1.16 per cent and 0.81 per cent, respectively.
Industrial Index ended at 7,809.85 points, up by 0.24 per cent. A’Saffa Foods, Al Jazeera Steel, Galfar Engineering and Voltamp Energy gained 5.49 per cent, 3.85 per cent, 2.44 per cent and 0.36 per cent, respectively. Gulf International Chemicals and Raysut Cement declined by 3.42 per cent and 0.72 per cent, respectively.
Services Index retreated 0.45 per cent to close at 2,896.86 points. Ooredoo, up by 0.75 per cent, was the sole sector gainer. Port Services, OIFC, Oman Telecommunications Company, Phoenix Power and Sembcorp Salalah declined by 9.69 per cent, 8.70 per cent, 1.06 per cent, 0.71 per cent and 0.41 per cent, respectively.
Sensex ends higher
The stocks saw a rockier ride on Wednesday, but in the end, the Sensex ended up for the second day as it climbed 122 points to about a one-week high of 29,531, spurred by the State Bank of India (SBI) and ICICI Bank, ahead of the derivatives expiry on Thursday.
The volatility set in after the verdict of the Supreme Court that banned sale and registration of BS-III vehicles.
A firming trend in Asia and a higher opening in Europe made the vibes positive, traders said.
After a positive start, the 30-share index rose further to hit the day's high of 29,554.39 and settled up 121.91 points, or 0.41 per cent, at 29,531.43 — a level last seen on March 20 when it had closed at 29,518.74.
The gauge had rallied 172.37 points in the previous session.
The 50-share NSE Nifty ended at 9,143.80, up 43 points, or 0.47 per cent, after moving between 9,153.15 and 9,109.10.
"By the end of the day, short covering ahead the expiry on Thursday helped the market to maintain its positive trend. Additionally, the INR continued its strong momentum supported by foreign inflows in both equity and debt," said Vinod Nair, Head of Research, Geojit Financial Services.
SBI made it to the top in the Sensex pack, surging 1.98 per cent, in anticipation of a new NPA resolution policy.
Finance Minister Arun Jaitley on Wednesday introduced the GST legislations in the Lok Sabha for consideration and passage, which kept investors in good spirits.
Automakers lost their way after the Supreme Court banned the sale and registration of new BS-III vehicles after April 1. Hero MotoCorp, Tata Motors, M&M, Maruti Suzuki and Ashok Leyland plunged by up to 3.15 per cent.
Short-covering of positions — speculators buying stocks that have been sold short — in view of Thursday's March futures and options expiry and the INR racing to a 17-month high of 64.91 against the USD added to the upmove.
Other prominent gainers were ICICI Bank (
Times of Oman
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