Oman index ends on flat note

The MSM30 Index ended on a relatively flat note to close at 5706.25 points, marginally down by 0.06 per cent. Al Hassan Engineering was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. Jazeera Steel Product was the top gainer for the day and closed up by 1.38 per cent while Al Hassan Engineering was the top loser for the day and closed down by 8.74 per cent. A total number of 1126 trades were executed in yesterday's trading session generating turnover of RO3.90 million with over 13.78 million shares traded. Out of 49 traded stocks, 11 advanced, 20 declined and 18 remained unchanged. Omani investors switched to net buyers for RO141,000 followed by GCC and Arab investors for RO56,000 while Foreign investors switched to net sellers for RO197,000 worth of shares. Financial Sector Index was down by 0.16 per cent and closed at 6311.47 points. Bank Muscat, Bank Sohar and DIDIC increased by 0.88 per cent, 0.67 per cent and 0.29 per cent, respectively. Transgulf Holding, Global Financial Investment, Gulf Investment Services, Oman United Insurance and HSBC Bank Oman declined by 1.22 per cent, 1.14 per cent, 1.14 per cent, 1.08 per cent and 0.93 per cent, respectively. The Industrial Sector Index was down by 0.32 per cent and closed at 7259.41 points. Jazeera Steel Product, Oman Fisheries, Anwar Ceramic and Voltamp Energy increased by 1.38 per cent, 0.98 per cent, 0.72 per cent and 0.29 per cent, respectively. Al Hassan Engineering, Dhofar Cattle feed, National Aluminium Products, Raysut Cement and Oman Textile Holding declined by 8.74 per cent, 4.21 per cent, 2.43 per cent, 1.82 per cent and 1.59 per cent, respectively. Services Sector Index closed at 2877.33 points, up by 0.14 per cent. Renaissance Services, Sohar Power, Nawras and OIFC increased by 0.87 per cent, 0.83 per cent, 0.61 per cent and 0.55 per cent, respectively. Al Jazeira Services, National Gas, and Al Maha Marketing declined by 1.33 per cent, 0.18 per cent and 0.07 per cent, respectively. Dubai shares drop Dubai's shares fell, leading declines in the Gulf, after concern over US budget cuts and a delay in the European Union's bailout of Greece spurred drops in global shares. Emirates Integrated Telecommunications Co, the United Arab Emirates phone services company known as Du, and construction company Arabtec Holding Co. fell for a second time in three days. The benchmark DFM General Index dropped 0.3 per cent to 1,612.92 points at 12:31 p.m. in the emirate. The Bloomberg GCC 200 Index of regional stocks lost 0.2 per cent and Qatar's QE Index decreased 0.3 per cent. The Stoxx 600 Index dropped 1.7 per cent last week and the MSCI Emerging Markets Index lost 1.4 per cent on concern the US will slip back into recession if lawmakers fail to reach a budget compromise on the so-called fiscal cliff, which refers to about $607 billion of tax increases and federal spending cuts set to kick in automatically in January. Euro-area finance ministers may not make a decision on unlocking funds for Greece until late November, a European Union official said last week. Share price declines in Dubai are "mostly due to the fears that global markets now face due to the fiscal cliff in the US with their budget as well as fears of the Greek bailout being delayed,- Marwan Shurrab, vice-president at Gulfmena Investments Ltd. said by phone. "What we are going to see is consolidation around these levels, until there is greater clarity on the views and direction from international markets and sentiment.- Du retreated 1 per cent to 3.79 dirhams. Arabtec, which fell 3.1 per cent last week, lost 1.2 per cent to 2.46 dirhams, set for the lowest close since November 7. The biggest builder in the UAE last week said it revived plans to increase capital and sell convertible bonds as it seeks financing for expansion amid a decline in quarterly profit. Elsewhere in the Middle East, Abu Dhabi's index slipped 0.3 per cent and Kuwait's gauge lost 0.2 per cent. Saudi Arabia's Tadawul All Share Index was little changed. Times Of Oman