local institutional buying lifts oman shares higher
Last Updated : GMT 09:07:40
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Last Updated : GMT 09:07:40
Egypt Today, egypt today

Local institutional buying lifts Oman shares higher

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Egypt Today, egypt today Local institutional buying lifts Oman shares higher

Muscat Securities Market
Muscat - Arab Today

Led by local institutional buying in banking and utility stocks, the MSM30 Index closed at 5,858.41 points, up 0.26 per cent. The MSM Sharia Index ended at 867.87 points, down 0.06 per cent. Phoenix Power was the most active in terms of volume as well as turnover. Oman Textile Holding was the top gainer, up 10.00 per cent while Muscat Gases was the top loser with a loss of 4.90 per cent.

A total number of 896 trades were executed on Sunday, generating turnover of OMR4.9 million with 26.1 million shares changing hands. Out of 45 traded securities, 20 advanced, 8 declined and 17 remained unchanged. At session close, Omani investors remained net buyers for OMR772,000 while GCC & Arab investors were net sellers for OMR599,000 followed by Foreign investors for OMR173,000 worth of shares. 

Financial Index closed at 8,219.19 points, up 0.38 per cent. Oman & Emirates Holding, Bank Muscat, Al Anwar Holding, Al Izz Bank and Al Madina Takaful increased 3.92 per cent, 2.18 per cent, 2.09 per cent, 1.41 per cent and 1.01 per cent respectively. Al Sharqia Investments and NBO retreated 2.86 per cent and 0.40 per cent respectively.

Industrial Index advanced 0.56 per cent to finish at 7,947.07 points. Oman Textile Holding, Gulf Stones, Oman Fisheries and Voltamp Energy increased 10.00 per cent, 9.09 per cent, 8.63 per cent and 1.56 per cent respectively. Al Anwar Ceramics and Al Jazeera Steel declined 1.18 per cent and 0.75 per cent respectively.

Services Index gained 0.25 per cent to close at 3,041.77 points. Port Services, Al Suwadi Power, Al Batinah Power, Sembcorp Salalah and Phoenix Power increased 1.51 per cent, 1.05 per cent, 1.04 per cent, 0.82 per cent and 0.69 per cent respectively. Muscat Gases, Al Jazeera Services, Ooredoo and Omantel declined 4.90 per cent, 1.01 per cent, 0.66 per cent and 0.35 per cent respectively.

GGC markets mixed

Stock markets in the Gulf were mixed in early, quiet trade on Sunday with Saudi Arabia and Qatar outperforming because of support from the banking sector as United Arab Emirates bourses succumbed to profit-taking.

Nine of the 12 listed banks on Saudi Arabia's bourse gained in the first 45 minutes of trade, lifting the index 0.4 per cent.

The largest Islamic lender, Al Rajhi Bank, added 1.5 per cent after its chief executive told Reuters that the bank gained market share in corporate banking last year for the first time in four years, and would continue to expand in that area by focusing on healthcare services, affordable housing, transportation and energy.

Most petrochemical shares were also bid higher, with National Industrialization (Tasnee) up 1.2 per cent.

Southern Cement rose 0.4 per cent after saying it would pay a cash dividend of 2.25 riyals per share for the second half of 2016, taking the full-year dividend to 4.75 riyals. That, however, is lower than the 6 riyals per share paid out for 2015.

In Qatar, the index rose 0.6 per cent. The largest listed stock, Qatar National Bank, was up 1.4 per cent.

Dubai's index, however, pulled back 0.5 per cent, dragged lower by a 2.9 per cent fall by builder Arabtec and a 1.8 per cent decline in Drake & Scull

Shuaa Capital climbed 3.1 per cent on optimism over the investment company's new strategy, which was announced this month and includes an acquisition.

Large caps weighed on Abu Dhabi's index, which fell 0.3 per cent. First Gulf Bank lost 1.1 per cent and Etisalat was down 0.5 per cent.

Source :Times Of Oman

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local institutional buying lifts oman shares higher local institutional buying lifts oman shares higher



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