Port Services leads MSM index rally in Oman

The MSM30 index ended on a positive note to close at 5649.10 points, up by 0.24 per cent.

BankMuscat was the most active in terms of volume as well as turnover. Port Services was the top gainer of the day to close up by 6.25 per cent, while Raysut Cement lost the most and closed down by 1.67 per cent.

As many as 1,193 trades were executed in yesterday’s trading session generating turnover of RO4.35 million with over 9.8 million shares of trading volume.

The market breadth was in favour of advancers. Out of 46 traded stocks, 26 advanced, two declined and 18 remained unchanged. Omani investors were net buyers for RO0.58 million followed by GCC investors for RO0.14 million, while foreign investors were net sellers for RO0.72 million worth of shares.

Banking and Investment Index was up by 0.33 per cent at 6324.69 points. Al Anwar Holding, Global Investment, United Finance, BankMuscat and OHI increased by 1.91 per cent, 1.85 per cent, 1.70 per cent, 1.36 per cent and 1.29 per cent, respectively.

Ahli Bank was the only loser and declined by 0.76 per cent. The Industrial Sector Index closed at 5871.58 points, marginally up by 0.33 per cent. Oman Chlorine, NAPI, Al Anwar Ceramic, Galfar and Jazeera Steel increased by 2.14 per cent, 1.55 per cent, 0.94 per cent, 0.88 per cent and 0.81 per cent, respectively. Raysut Cement was the only loser and declined by 1.67 per cent.

Services & Insurance Sector Index was up by 1.04 per cent to close at 2556.09 points. Port Service Corporation, Dhofar Insurance, ACWA Power Barka, Maha Petroleum, and Nawras increased by 6.25 per cent, 2.19 per cent, 1.83 per cent, 1.28 per cent and 0.62 per cent, respectively. There were no losers in this sub-group.

Abu Dhabi bourse

Abu Dhabi’s benchmark stock index gained for a second day after Aldar Properties PJSC’s board affirmed its commitment to keep the shares listed and as oil advanced.

Aldar, the emirate’s biggest real estate developer by market value, rallied as much as 4.8 per cent. Sorouh Real Estate Co., Abu Dhabi’s second largest developer, was poised for its highest close in almost a week.

The ADX General Index rose 0.2 per cent to 2,356.21 at 12:24 p.m. in Abu Dhabi, paring the monthly loss to 3.6 per cent. Qatar’s QE Index rose 0.3 per cent.

“The Abu Dhabi market is gaining on the backdrop of Aldar confirming to remain listed despite the Mubadala stake hike,” said Samer Darwiche, a Dubai-based financial analyst at Gulfmena Investments. “Sorouh is moving in tandem and following Aldar’s performance.”

Aldar’s board is “fully committed to maintaining the company’s listing” on the Abu Dhabi Securities Exchange, the company said in a statement to the bourse.

Aldar last week converted 2.1 billion dirhams ($572 million) of bonds held by Mubadala Development Co., its largest shareholder, into shares valued at 1.75 dirhams each, the bottom end of an agreed range.