28/01/2015 05:25 AST
MSM30 Index ended the day on a negative note at 6,591.73 points, down by 0.80 per cent. MSM Sharia index declined by 0.48 per cent to close at 985.83 points. Al Anwar Holding was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. The top gainer of the day was Al Sharqia Investments, up by 4.65 per cent, while Port Services, down by 8.99 per cent, was the top loser of the day.
As many as 987 trades were executed during the day's trading session generating turnover of OMR3.3 million with more than 11.5 million shares changing hands. Out of 52 traded stocks, six advanced, 18 declined and 28 remained unchanged. Omani investors were net buyers for OMR382,000 while foreign investors were net sellers for OMR222,000 followed by GCC and Arab Investors for OMR159,000 worth of shares.
Financial Index ended the day at 8,029.44 points, down by 0.89 per cent. Al Sharqia Investments, up by 4.65 per cent, was the only sector gainer. Al Madina Investments, Oman & Emirates Holding, Ahli Bank, Al Batinah Development and Bank Muscat decreased by 5.33 per cent, 2.31 per cent, 2.11 per cent, 2.01 per cent and 1.96 per cent respectively.
Industrial Index declined by 0.16 per cent to close at 8,538.04 points. Oman Fisheries and Voltamp Energy increased by 2.99 per cent and 2.09 per cent respectively. Al Hassan Engineering, Oman Cements, Oman Flour Mills and Al Anwar Ceramics declined by 4.67 per cent, 2.30 per cent, 0.68 per cent and 0.44 per cent respectively.
Services Sector Index closed at 3,572.82 points, down by 0.69 per cent. Sharqiyah Desalination, Al Suwadi Power and Al Batinah Power gained 1.59 per cent, 1.12 per cent and 0.56 per cent respectively. Port Services, Renaissance Services and Omantel declined 8.99 per cent, 3.60 per cent and 0.28 per cent respectively.
ADCB expansion
Abu Dhabi Commercial Bank (ADCB) is looking to increase the staff in its small-and-medium enterprise division by as much as 20 per cent this year as the United Arab Emirates government adopts policies to assist smaller companies.
"There is a clear mandate from the board that we need to grow the business," Martin Roussel, head of the business- banking division at the UAE's fourth-largest lender, said in an interview at his office in Abu Dhabi on Tuesday. "I have the possibility to grow my staff by 20 per cent in 2015." The division has about 136 employees, with a headcount of about 300 when external staff are included, he said.
The UAE passed a law last year stipulating that government agencies give at least 10 per cent of their contracts to local smaller businesses, the Economy Ministry's website shows. Abu Dhabi, the biggest and richest of the seven emirates, set up the Sheikh Khalifa Fund for Enterprise Development in 2007 to aid small companies.
The slump in oil prices shouldn't pose a threat to lending to SMEs, including those catering to the petroleum industry, in the next 18 months, said Roussel. "Under no circumstances" is credit to the companies being curtailed, he said.
Oil-industry related companies account for about 10 per cent of clients for the bank's SME division, said Roussel. The price of oil fell almost 50 per cent last year, the most since the 2008 financial crisis, curbing revenue for the UAE, the fifth-largest member of the Opec.
Times of Oman
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