MSM index ends lower

Al Anwar Holding was top gainer on Tuesday, up by 3.19 per cent, while top loser was Sohar Power, down by 2.68 per cent

MUSCAT: Active selling by foreigners in index heavyweights led to improved turnover with the MSM30 Index closing at 5,810.49 points, down by 0.03 per cent. The MSM Sharia Index gained 0.22 per cent to end at 887.01 points.

Bank Muscat remained most active in terms of volume as well as turnover. Al Anwar Holding was top gainer on Tuesday, up by 3.19 per cent while top loser was Sohar Power, down by 2.68 per cent.

As many as 990 trades were executed on Tuesday, generating turnover of OMR3.8 million with 16.4 million shares changing hands. Out of 46 traded securities, 15 advanced, six declined and 25 remained unchanged.

Omani investors were net buyers to the tune of OMR1.57 million worth of shares, while foreign investors were net sellers at OMR1.56 million followed by GCC and Arab investors, who sold shares amounting to OMR19,000.

Financial Index had marginal gain of 0.10 per cent to close at 7,434.19 points. Al Anwar Holding, Al Izz Bank, Al Sharqia Investments, Al Madina Takaful and Al Batinah Development and Investment gained 3.19 per cent, 1.75 per cent, 1.43 per cent, 1.39 per cent and 1.14 per cent, respectively. Bank Sohar, HSBC Bank and NBO declined by 1.07 per cent, 1.01 per cent and 0.39 per cent, respectively.

Industrial Index advanced by 0.60 per cent to end at 7,445.20 points. Galfar Engineering, Voltamp Energy, Oman Flour Mills and Al Jazeera Steel gained 2.91 per cent, 1.78 per cent, 1.72 per cent and 0.81 per cent, respectively.

Services Index closed at 3,183.21 points, down by 0.30 per cent. Al Jazeera Services, Oman Telecommunications Company and Port Services increased by 0.94 per cent, 0.92 per cent and 0.83 per cent, respectively. So- har Power, Al Suwadi Power and Phoenix Power declined by 2.68 per cent, 2.06 per cent and 1.92 per cent, respectively.

Emerging markets

The MSCI Emerging Markets Index was little changed at 869.29 in London as energy and healthcare stocks retreated while utility and technology companies advanced.

Russia’s Micex Index slid 0.6 per cent, as energy majors Lukoil and Rosneft declined at least 1.4 percent each.

Shares in Saudi Arabia lost 0.7 per cent in their sixth day of declines, the longest losing streak since September. Brent crude fell 1 per cent, declining for a fourth day to $44.26 a barrel.

Egyptian shares advanced 0.5 per cent, rising for a third day, after the nation’s currency slumped to a record low in the black market due to the shortage of dollars and speculation grew that the central bank will weaken the official exchange rate.

"The huge drop in the pound is driving people to hedge against inflation that’s expected to rise to record levels," Sherif Shebl, an equities trader at Pharos Holding for Financial Investments in Cairo. "The economy is badly damaged, so people are buying dollars, equities, real estate, anything to protect themselves."

The Shanghai Composite Index climbed the most in two weeks, led by consumer companies, amid optimism China’s economy was stabilising. Hong Kong stocks closed at the highest level this year, with gambling companies such as Galaxy Entertainment driving the benchmark gauge on optimism of a revenue turnaround after Chinese travelers to Macau rose from the previous month. Emerging-market energy shares fell the most in three weeks.