MSM index in red zone

Al Batinah Development was the top gainer on Monday, up by 2.33%, while the top loser was National Aluminium, down by 2.17%

MUSCAT: Muted trading activity resulted in the MSM30 Index closing at 5,812.16 points, down by 0.10 per cent. The MSM Sharia Index gained 0.05 per cent to end at 885.07 points.

Bank Muscat was the most active in terms of volume as well as turnover. Al Batinah Development was the top gainer on Monday, up by 2.33 per cent, while the top loser was National Aluminium, down by 2.17 per cent.

As many as 852 trades were executed on Monday, generating turnover of OMR3.02 million with 9.4 million shares changing hands. Out of 38 traded securities, eight advanced, nine declined and 21 remained unchanged. Omani investors were net buyers to the tune of OMR989,000 worth of shares, while foreign investors, who were net sellers, sold shares amounting to OMR948,000 followed by GCC and Arab investors at OMR41,000.

Financial Index closed at 7,426.52 points, up by 0.09 per cent. Al Batinah Investment, Al Izz Bank, Bank Nizwa and Al Anwar Holding increased by 2.33 per cent, 1.79 per cent, 1.33 per cent and 1.08 per cent, respectively. Al Madina Takaful, Al Sharqia Investments, Muscat National Holding and Bank Sohar declined by 1.37 per cent, 0.71 per cent, 0.56 per cent and 0.53 per cent, respectively.

Industrial Index gained 0.10 per cent to close at 7,400.87 points. Al Jazeera Steel and Gulf International Chemicals gained 1.64 per cent and 0.81 per cent, respectively. National Aluminium, Al Hassan Engineering and Galfar Engineering fell by 2.17 per cent, 1.33 per cent and 0.96 per cent, respectively.

Services Index declined by 0.19 per cent to close at 3,192.86 points. OIFC, up by 0.51 per cent, was the only sector gainer. Oman Telecommunications Company and Renaissance Services declined by 1.21 per cent and 1.11 per cent, respectively.

Emerging stocks rise

Emerging-market stocks headed for a 10-month high and volatility fell to the lowest level in more than a year as better-thanexpected German data boosted confidence the fallout of Brexit may be contained. Turkey’s lira and stocks rebounded.

Russian food retailer Magnit rallied the most since February after reporting net income that was almost a third higher than estimates. Markets in Poland, South Africa and India gained more than 1 per cent. The Borsa Istanbul 100 Index jumped 2.8 per cent, the most worldwide, after Prime Minister BinaliYildirim said the government plans to set up a multibillion-dollar fund to support economic growth, offsetting the fallout of a failed coup. Hungary’s forint and Poland’s zloty rose.

Emerging-market stocks are on course for their best month since March on speculation central banks in Europe and Japan will add stimulus to support their economies in the wake of the UK vote last month to leave the European Union. Data showed business confidence in Germany proved more resilient than economists predicted in July, improving prospects for trade to remain intact in developing Europe.

“Investors’ bias is to be long emerging markets,” said Regis Chatellier, a strategist at SocieteGenerale in London, who favours Argentinian and Indonesian sovereign international bonds. “During the first half of the year there was a lot of global risk: potential Fed hikes, Brexit, oil repricing. Now, global themes are a bit subdued and that’s why there is not much volatility.”