MSM index ends lower

Oman Education & Training, which gained by 9.66 per cent, was the top gainer while the top loser was Sohar Power, down by 6.47 per cent.

MUSCAT: The market sentiment remained negative in the local market with the MSM30 Index declining by 0.32 per cent to close at 5,423.26 points. The MSM Sharia Index ended at 792.12 points, down by 0.13 per cent. Al Madina Takaful was the most active in terms of volume while Bank Muscat was most active turnover-wise. Oman Education & Training, which gained by 9.66 per cent, was Tuesday’s top gainer while the top loser was Sohar Power, down by 6.47 per cent.

As many as 563 trades were executed on Tuesday, generating a turnover of OMR2.15 million with 10.68 million shares changing hands. Out of 49 traded securities, 5 advanced, 10 declined, and 34 remained unchanged. Foreign investors were net buyers for OMR86,000 while GCC and Arab investors switched to net sellers for OMR62,000 followed by Omani investors for OMR24,000 worth of shares.

Financial Index retreated 0.41 per cent to end at 7,953.31 points. Ahli Bank and Bank Dhofar gained 0.55 per cent and 0.44 per cent respectively. Oman United Insurance, National Bank of Oman and Al Madina Investments decreased 2.70 per cent, 2.64 per cent and 1.49 per cent, respectively. Industrial Index closed at 7,412.92 points, down 0.06 per cent. Gulf International gained 0.42 per cent and Al Anwar Ceramics decreased 0.70 per cent, respectively.

Services Index declined by 0.57 per cent to finish at 2,778.93 points. Oman Education & Training and National Gas increased 9.66 per cent and 0.52 per cent, respectively. Sohar Power, ACWA Power, Sembcorp Salalah, Omantel and Oman Investment and Finance Company (OIFC) lost 6.47 per cent, 6.09 per cent, 4 per cent, 0.77 per cent and 0.49 per cent, respectively.

Saudi shares fall

Shares of companies that beat quarterly earnings estimates outperformed on Tuesday as Gulf markets were held in check by crude oil trading below $50 a barrel for a third session.

Shares of Saudi Arabian electronics and bookstore retailer Jarir were up 5.8 per cent to 141.0 riyals after it reported a 26.5 percent rise in first quarter net profit, beating analysts’ forecasts.

The company’s board also recommended distributing 2.2 riyals per share for the period, higher than the 1.75 riyals it paid out in the prior year period. Jarir’s top line rose by 20.3 per cent in the period helped by rising sales of smartphones and sales of goods to schools.

Revenue growth was probably driven by new store openings after Jarir opened a record seven retail stores in the last four quarters.

Dubai bourse

The Saudi index, however, fell 0.2 per cent as a little over half of the traded shares declined. In Dubai, the index was up 0.2 per cent as shares of Dubai Financial Market, the only listed stock exchange in the Gulf, rose 1.7 per cent after its first quarter net profit jumped by almost a fifth.

In neighbouring Abu Dhabi, the index was flat, but shares of the largest listed developer Aldar Properties rose 1.8 per cent after its net profit attributable to shareholders for January to March came in at the upper end of analysts’ estimates, although slightly lower than a year earlier.