MSM index ends higher

The top gainer was Bank Muscat, up by 1.38 per cent, while Oman & Emirates Holding was the top loser, down by 2.94 per cent.

MUSCAT: Driven by buying in index heavyweights, the MSM30 Index gained 0.22 per cent to end at 5,680.55 points. The MSM Sharia Index ended at 847.80 points with a gain of 0.29 per cent. Bank Muscat was the most active in terms of volume as well as turnover. The top gainer was Bank Muscat, up by 1.38 per cent, while Oman & Emirates Holding was the top loser, down by 2.94 per cent.

As many as 603 trades were executed on Sunday, generating a turnover of OMR2.94 million with 8 million shares changing hands. Out of 39 traded securities, 8 advanced, 12 declined and 19 remained unchanged. Omani investors remained net buyers of OMR67,000 while GCC and Arab investors were net sellers of OMR66,000 followed by foreign investors for OMR1,000 worth of shares.

Financial Index was stable at 8,004.35 points, down by 0.01 per cent. Bank Muscat, Al Madina Takaful and National Bank of Oman increased by 1.38 per cent, 1.05 per cent and 0.41 per cent, respectively. Oman & Emirates Holding, Al Anwar Holding, Al Sharqia Investments, Taageer Finance and Bank Sohar declined by 2.94 per cent, 1 per cent, 0.81 per cent, 0.79 per cent and 0.68 per cent, respectively.

Industrial Index retreated 0.09 per cent to close at 7,876.82 points. Oman Cement, up by 1.22 per cent, was only sector gainer. Al Hassan Engineering, Oman Fisheries and Galfar Engineer- ing declined by 2.04 per cent, 1.67 per cent and 1.18 per cent, respectively.

Services Index ended at 2,989.55 points, up by 0.03 per cent. Ooredoo Oman, Oman Investment and Finance, ACWA Power and Oman Telecommunications Company gained 1.38 per cent, 0.88 per cent, 0.54 per cent and 0.37 per cent, respectively. Al Batinah Power, Al Suwadi Power, Al Jazeera Services and Port Services declined by 1.58 per cent, 1.04 per cent, 1.04 per cent and 1 per cent, respectively.

Qatar bank

Commercial Bank of Qatar (CBQ) is in talks with banks about a potential international bond issue that will most likely be denominated in US dollars, sources familiar with the matter said on Sunday.

If the deal goes ahead, CBQ would join a growing number of banks from the region tapping the international debt markets this year with the aim of improving capital reserves and boosting capital ratios to counter the impact of lower international oil prices. CBQ, the Gulf state’s third-largest bank by assets, is looking at a benchmark-sized transaction, which conventionally means upwards of $500 million, the sources said.

A US dollar-denominated bond issue is considered the most likely option, but the bank is also looking at issuing in Chinese renminbi, one of the sources said.