MSM index ends higher

Al Izz Bank was top gainer on Wednesday, up by 3.45 per cent, while top loser was Sohar Power, down by 2.41 per cent

MUSCAT: A firm trend witnessed on the Muscat Securities Market with select shares recovering on renewed support at lower levels.

The MSM30 Index remained stable at 5,821.60 points, up by 0.19 per cent. The MSM Sharia Index closed at 888.95 points, up by 0.22 per cent.

Bank Muscat remained most active in terms of volume as well as turnover. Al Izz Bank was top gainer on Wednesday, up by 3.45 per cent, while top loser was Sohar Power, down by 2.41 per cent.

As many as 769 trades were executed on Wednesday, generating turnover of OMR2.9 million with 14.5 million shares changing hands. Out of 43 traded securities, 14 advanced, seven declined and 22 remained unchanged. Omani investors were net buyers to the tune of OMR1.17 million worth of shares, while foreign investors were net sellers at OMR667,000 followed by GCC and Arab investors, who sold shaers amounting to OMR510,000.

Financial Index advanced by 0.39 per cent to close at 7,463.18 points. Al Izz Bank, Al Madina Investments, Bank Nizwa, Al Batinah Development and Al Anwar Holding gained by 3.45 per cent, 1.64 per cent, 1.32 per cent, 1.12 per cent and 1.03 per cent, respectively. Al Sharqia Investment declined by 0.70 per cent to close at OMR0.141.

Industrial Index closed at 7,449.44 points, up by 0.06 per cent. Al Hassan Engineering, Oman Fisheries and Galfar Engineering gained by 2.70 per cent, 1.64 per cent and 0.94 per cent, respectively. Al Anwar Ceramics and Al Jazeera Steel declined by 0.87 per cent and 0.40 per cent, respectively.

Services Index gained by 0.14 per cent to close at 3,187.60 points. Renaissance Services, Phoenix Power and OIFC in- creased by 2.25 per cent, 1.31 per cent and 1.02 per cent, respectively. Sohar Power, Al Jazeera Services, Al Batinah Power and Port Services declined by 2.41 per cent, 2.34 per cent, 2.11 per cent and 0.41 per cent, respectively.

Emerging stocks rise

Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11year low, on optimism earnings are improving and central banks remain supportive of growth.

Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan.

Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency, on signs a political crisis is easing. South Africa’s rand led gains among peers. Russian government bonds advanced before a debt auction, their first gain in 11 days.

More than half of developingnation companies that have reported financial results for the last quarter have beaten estimates, following similar positive momentum in the US and Europe. Japanese Prime Minister Shinzo Abe announced plans for more than 28 trillion yen ($265 billion) in economic stimulus in an effort to prop up the nation’s economy. His announcement came hours before the Federal Reserve discusses the path of its monetary policy.

MSCI Emerging Markets Index rose 0.4 per cent to 873.86 in London, heading for the highest since August 11 and tracking gains in Europe after the UK reported second-quarter growth that was quicker than estimated. Eight of the 10 industry subgroups on the developing-nation gauge rose.