24/04/2016 08:08 AST
Along with its peers elsewhere in the region, the Muscat Securities continued to remain in the positive orbit of trading last week. “Although sentiment was negative in the beginning of the week following the stalemate in the Doha talks, the market regained strength in line with the bounce in the oil prices”, said an analyst at a local brokerage house. On the last day, the benchmark MSM 30 Index jumped 1.35 per cent to reach 5,817.21 points, the highest in the recent past. A more than 60 per cent recovery in crude prices since a low in January is buoying stocks across the Gulf Cooperation Council.
“It is not only the oil prices that helped the upturn, but also the positive first quarter results, especially the financial sector performance lifted the momentum”, added the analyst. Net profit of the index companies, including investment holding companies, reached RO 174.549 million with a rise of 10 per cent year on year. The financial, industrial and services indices appreciated by 129 points, 79 points and 37 points respectively. MSM Shariah Index ended the week six points higher.
651356Total revenue of MSM30 Index companies, including investment holding companies, for the quarter stood at RO 958 million, registering an increase of 7.3 per cent year on year.
Galfar Engineering was the most active in terms of volume as well as turnover. Bank Sohar was the top gainer on the last day of trading, up 7.02 per cent while Ahli Bank was the top loser, down 1.10 per cent.
A total of 55.706 million shares were traded during the day amounting to aggregate turnover of RO 9.146 million.
MSM30 Index Market Capitalization as at the end of the day stood at RO 6.429 billion.
At the session close, GCC and Arab investors were net buyers for RO 231,000 while foreign investors switched to net sellers for RO 192,000 followed by Omani Investors for RO 39,000.
“Investors are optimistic of what they are going to hear in the coming few days. If oil continues to go up, the rally can be sustained,” said another analyst.
In the region, Petrochemical shares helped buoy Riyadh’s stock index on Thursday, but some domestic-focused shares fell after earnings missed estimates, while many other Gulf stock markets ended the week on a high note.
In Dubai the index added 1.1 per cent to 3,584 points, a six-and-a-half-month closing high, boosted by real estate blue chips.
Emaar Properties, the largest listed developer which has yet to report quarterly earnings, added 3.8 per cent.
In Abu Dhabi, banks helped carry the index up 0.9 per cent. Heavyweights Abu Dhabi Commercial Bank and National Bank of Abu Dhabi added 3.3 and 1.0 per cent respectively.
In Cairo the main index fell 0.2 per cent with Global Telecom Holding dropping 4.7 per cent after the company announced in a bourse statement the pricing of a $1.2 billion bond. In Qatar, the index edged up 0.3 per cent to 10,396 points, while in Kuwait, the index added 0.3 per cent to 5,347 points.
Oman Daily Observer
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