heavy selling drags oman shares lower
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Heavy selling drags Oman shares lower

Arab Today, arab today

Arab Today, arab today Heavy selling drags Oman shares lower

Muscat Securities Market
Muscat - Arab Today

Foreign and regional selling in index heavyweights pressured the MSM30 Index which declined 0.10 per cent to close at 5,852.30 points. The MSM Sharia Index ended at 868.25 points, up 0.04 per cent. Bank Nizwa was the most active in terms of volume while Omantel led in terms of turnover. Up 9.67 per cent, Port Services was the top gainer while Muscat Thread Mills was the top loser with a loss of 8.74 per cent.

A total number of 1,238 trades were executed on Monday, generating turnover of OMR6.8 million with 30.1 million shares changing hands. Out of 52 traded securities, 19 advanced, 10 declined and 23 remained unchanged. At the session close, Omani investors remained net buyers for OMR1.69 million while Foreign investors were net sellers for OMR1.14 million followed by GCC & Arab investors for OMR547K worth of shares. 

Financial Index gained 0.30 per cent to close at 8,243.98 points. Gulf Investment Services, HSBC Bank, Oman & Emirates Holding, Bank Nizwa and Al Anwar Holding increased 3.36 per cent, 1.55 per cent, 1.26 per cent, 1.11 per cent and 1.03 per cent respectively. Bank Dhofar, Bank Sohar and Oman Orix Leasing retreated 1.91 per cent, 1.88 per cent and 0.74 per cent respectively.

Industrial Index ended at 7,972.94 points, up 0.33 per cent. Oman Textile Holding, Oman Fisheries, Oman Flour Mills, Al Jazeera Steel and Gulf International Chemicals increased 9.63 per cent, 4.64 per cent, 0.99 per cent, 0.75 per cent and 0.35 per cent respectively. Muscat Thread Millls, Galfar Engineering and Al Maha Ceramics declined 8.74 per cent, 2.02 per cent and 0.41 per cent respectively.

Services Index retreated 0.19 per cent to finish at 3,035.98 points. Port Services, OIFC and Al Jazeera Services increased 9.67 per cent, 1.84 per cent and 1.02 per cent respectively. National Gas, Omantel, Phoenix Power and Ooredoo declined 1.85 per cent, 0.70 per cent, 0.68 per cent and 0.66 per cent respectively.

Most Gulf bourses fall

Gulf stock markets mostly fell in early trade on Monday with Dubai leading the slide, dragged down by a decline in construction firm Arabtec to a five-year low.

The Dubai index dropped 1.0 per cent as Arabtec sank 7.4 per cent to Dh0.925, falling below technical support on its December 2015 low of Dh0.93.

The company reported a week ago that its net loss had widened in the fourth quarter and that its board was seeking shareholder approval for a Dh1.5 billion ($408.4 million) rights issue.

Nine of the 10 most heavily traded stocks in Dubai fell although DXB Entertainments climbed 4.7 per cent. Courier Aramex edged up 0.2 per cent after its board recommended paying a cash dividend of 16 per cent of paid-up capital for 2016, up from 15 per cent for 2015.

Abu Dhabi's index lost 0.5 per cent as Dana Gas tumbled 6.1 per cent after revising down its unaudited preliminary results for 2016 to a net loss of $88 million from the net profit of $33 million which it had previously reported.

It cited a ruling by London's Court of International Arbitration earlier this month in its dispute with the Kurdistan Regional Government; the ruling reduced unrealised interest recorded on Dana's books.

In Saudi Arabia, the index fell 0.4 per cent in the first hour of trade in broad-based profit-taking.

Arabian Cement rose 2.4 per cent after its board recommended a cash dividend of SR2 per share for the second half of 2016.

Source :Times Of Oman

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