MSM index ends lower

Oman Takaful was the most active in terms of volume as well as turnover. Jazeera Steel Product, the top gainer, closed up by 0.95%

MUSCAT: The MSM 30 Index witnessed a choppy session amid low trading activity and closed at 7087.25 points, down by 0.43 per cent. The MSM Shariah Index closed at 1123.11 points, down by 0.07 per cent.

Oman Takaful was the most active in terms of volume as well as turnover. Jazeera Steel Product was the top gainer and closed up by 0.95 per cent. National Gas, which was the top loser, declined by 8.93 per cent.

Altogether 762 trades were executed in yesterday’s trading session, thus generating a turnover of OMR4.39 million with over 15.42 million shares traded. Out of 55 traded stocks, 7 advanced, 28 declined and 20 were unchanged.

Omani investors were net buyers to the tune of OMR103,000 worth of shares, followed by GCC and Arab investors at OMR13,000, while foreign investors were net sellers and sold shares amounting to OMR116,000.

Financial Sector Index was down by 0.57 per cent at 8333.04 points. Oman United Insurance was the only gainer and was up by 0.42 per cent to close at OMR0.484. DBIH, Al Sharqiya Investment, Taageer Finance, Oman & Emriates and Al Madina Investment declined by 3.53 per cent, 3.48 per cent, 1.75 per cent, 1.65 per cent and 1.56 per cent respectively.

The Industrial Sector Index was down by 0.15 per cent at 10799.11 points. Jazeera Steel Product, Oman Cement and Oman Cables increased by 0.95 per cent, 0.48 per cent and 0.20 per cent respectively. Galfar Engineering, Al Hassan Engineering and Oman Fisheries declined by 2.28 per cent, 2.20 per cent and 0.95 per cent respectively. Services Sector Index was down by 0.27 per cent and closed at 3813.88 points. Port Services, Oman Telecom, Sohar Power and SMN Power Holding increased by 0.71 per cent, 0.31 per cent and 0.14 per cent respectively. National Gas, Nawras, ACWA Power Barka, Renaissance Services and Sembcorp Salalah declined by 8.93 per cent, 1.24 per cent, 1.12 per cent, 1.07 per cent and 0.75 per cent respectively.

Qatar shares up

Qatar stocks advanced for a second day as investors bet the gasrich nation will resolve a row with Gulf neighbors through diplomacy. Dubai’s gauge dropped.

The benchmark QE Index gained 0.2 per cent to 11,625.13 in Doha. Qatar National Bank, the country’s biggest lender, and Barwa Real Estate led the gainers. Dubai’s DFM General Index retreated 0.1 per cent.

Qatar will probably soften its support for the Muslim Brotherhood to ease tensions with Gulf allies, according to analysts and investors. Gulf countries have been critical of Doha’s support of the organisation and the United Arab Emirates, Saudi Arabia and Bahrain withdrew ambassadors from Qatar last week in protest.

“Investors expect a diplomatic solution of the issue,” said Tariq Qaqish, a director at Dubai-based Al Mal Capital. A quick solution is important, he said. Abu Dhabi’s ADX General Index and Bahrain’s measure were little changed, Kuwait’s gauge and Oman’s dropped 0.4 per cent.

Saudi Arabia’s Tadawul All Share Index gained 0.6 per cent.