23/05/2012 10:47 AST
The MSM30 index continued its rally for the second session in a row led by all sectors and closed at 5750.36 points, up by 2.26 per cent. Excluding bulk trading on Ahli Bank bonds, Gulf Investment Services was the most active in terms of volume, while Renaissance Services was the most active in terms of turnover. Oman & Emirates was the top gainer for the day and closed up by 6.87 per cent, while there were no losers in the index except bonds.
A total number of 1855 trades were executed in yesterday's trading session generating turnover of RO8.53 million with over 23.80 million shares changing hands. The market breadth was in favour of advancers. Out of 54 traded stocks, 42 advanced, two declined, and ten remained unchanged. Foreign investors switched to net buyers for RO898,000 while Omani investors switched to net sellers for RO602,000 followed by GCC and Arab investors for RO296,000 worth of shares.
Financial Sector Index was up by 2.79 per cent and closed at 6735.18 points. Oman & Emirates, Gulf Investment, Transgulf Holding, Oman United Insurance and ONIC Holding increased by 6.87 per cent, 5.88 per cent, 5.68 per cent, 5.59 per cent and 4.92 per cent, respectively.
The Industrial Sector Index was up by 2.18 per cent and closed at 6834.77 points. Al Hassan Engineering, National Aluminium, Jazeera Steel Product, Gulf International Chemicals and Oman Cement increased by 6.31 per cent, 6.31 per cent, 4.07 per cent, 3.75 per cent and 3.37 per cent, respectively. Services Sector Index was up by 1.04 per cent to close at 2599.75 points. Al Jazeira Services, Nawras, OIFC, ONEC and Renaissance Services increased by 5.04 per cent, 3.85 per cent, 3.26 per cent, 2.57 per cent and 2.12 per cent, respectively.
Abu Dhabi shares soar
Abu Dhabi shares rose to a one-week high, led by Aldar Properties PJSC and Sorouh Real Estate Co., as the emirate's biggest developers were said to be considering appointing advisers for a possible merger. Saudi shares rallied.
Aldar and Sorouh rose to the highest levels in two weeks. The stocks pushed the ADX Real Estate Index up 3.5 per cent. The ADX General Index gained 0.1 per cent to 2,471.05, the highest since May 15, at the 2 p.m. close in Abu Dhabi. Saudi Arabia's Tadawul All Share Index advanced 1 percent at 1:07 p.m. in Riyadh, set for the biggest gain in a month. Emerging-market stocks rose the most in eight weeks.
"Investors have interpreted the appointment of advisers as positive as it shows the merger talks are progressing well,- said Waleed Al Khateeb, the senior finance manager at Daman Securities in Dubai. "A merger would be extremely positive for the real estate sector in Abu Dhabi.
The developers, which have played an integral part in Abu Dhabi's drive to turn itself into a tourism and business hub, said in March they are studying a possible merger with the "blessing- of the emirate's government. Property companies' profits are picking up after house prices in Abu Dhabi slumped 50 per cent. Aldar may appoint Credit Suisse Group AG, while Sorouh may give the advisory mandate to Morgan Stanley, owner of the world's largest retail brokerage, a person familiar with the matter said. yesterday, declining to be identified because the matter is private.
Bloomberg
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