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Oman's benchmark MSM 30 Index lost 18.93 points, comprising a decline by 0.42 per cent to close the trading session at 4498.34 points, compared to the last session, which stood at 4517.27 points.
The report released by MSM pointed out that the market capitalisation fell by 0.132 per cent to reach about OMR17.65 billion. The report added that the value of shares bought by non-Omani investors reached OMR316,000, while value of shares sold by non-Omani investors reached OMR477,000.
Other GCC markets
Most Gulf stocks ended higher on Tuesday, led by Qatar, whose main index surged to an over five-month high on expectations of strong corporate earnings, while firm oil prices boosted petrochemical stocks in Saudi Arabia.
Qatar index closed 1.4 up at 9,396 points, its highest since January 30 this year. The gains were fuelled by a 2.2 per cent gain in Qatar National Bank (QNB) and a 2.1 per cent rise in Industries Qatar.
Commercial Bank, the Gulf Arab state's third-largest lender by assets, had reported a 58.4 per cent slump in second-quarter net profit in 2017.
The forecast excluded Qatar National Bank, which is reporting its earnings on Wednesday.
For diversified non-bank earnings, the securities firm forecast a year-on-year jump of 30.1 per cent in the second quarter. "For the time being, valuations are attractive versus the region's forward price-to-earnings multiples and dividend yields remain superior to the region," QNB analysts said in the report.
The Qatar Stock Exchange Index trades at a 2019 forward earnings ratio of 11.4 times with a dividend yield of 4.7 per cent, while the MSCI GCC Index, which covers the Gulf region, trades at a 12.0 times earnings and a dividend yield of 4.4 per cent, QNB said. The Saudi index rose 1.1 per cent as higher oil prices boosted shares of petrochemical companies.
Saudi Kayan Petrochemical was up almost one per cent at 16.88 riyals. Goldman Sachs said in a report this week it is raising its 12-month price target to 18.5 riyals from 16.9 riyals, on the back of higher estimates to reflect higher product pricing and lower feedstock costs. Saudi Basic Industries was up nearly one per cent.
Financial stocks also rallied with Samba Financial Group surging 3.5 per cent and Al Rajhi Bank up 1.2 per cent. "We believe most Saudi Arabia large caps trade are at full valuations," said Vrajesh Bhandari, a portfolio manager at Al Mal Capital. "Still, we do find pockets of value in Saudi not only in banks, but also in petrochemicals. Chemical product prices have been strong over the last quarter and that would show in earnings," he added.
Strong quarterly earnings for National Bank of Kuwait lifted Kuwait's index, which also fuelled gains in other financial stocks. National Bank of Kuwait posted a 16 per cent rise in second-quarter net profit from a year earlier, boosting its share price by 0.6 per cent.
Kuwait Finance House rose 1.5 per cent and Gulf Bank climbed 1.7 per cent.
Property and financial stocks lifted Abu Dhabi stocks , which ended 1.1 per cent higher.
Times of Oman
The MSM30 index ended lower on Tuesday and closed at 4,495.69 points, down by 0.45 per cent. MSM Sharia Index closed at 622.37 points, down by 0.03 per cent. Bank Muscat was the most active in terms
Times of Oman
The UAE’s main stocks indices ended lower on Tuesday, albeit marginally, as sentiment remained sour amid concerns about emerging market stocks and currencies as well as trade tariffs.
The Dubai Financial Market (DFM) on Tuesday published a set of rules on the listing and trading of investment funds and Real Estate Investment Trusts (Reits).
The DFM said it prepared the r
The MSM30 index ended lower on Monday and closed at 4,515.94 points, down by 1.04 per cent. MSM Sharia Index closed at 622.56 points, down by 0.46 cent. Galfar Engineering was the most active in term
Times of Oman
The Abu Dhabi index was down 1.67 per cent on Monday, amid selling activity in heavyweight banking stocks, as emerging markets in Asia continued their sell-off.
The Abu Dhabi Securities Exc