MSM index in red zone

The top gainer was Al Anwar Holding, up by 1.10 per cent, while HSBC Bank was the day’s top loser, down by 2.52 per cent

MUSCAT: Shares on the Muscat Securities Market (MSM) edged down on profit-booking. The MSM remained dull on Monday to close at 5,938.57 points, down by 0.16 per cent. The MSM Sharia Index declined by 0.17 per cent to close at 910.52 points.

Bank Nizwa led in terms of volume, while Bank Muscat was most active in terms of turnover. Monday’s top gainer was Al Anwar Holding, up by 1.10 per cent, while HSBC Bank was the day’s top loser, down by 2.52 per cent.

As many as 422 trades were executed during the trading session generating turnover of OMR2.10 million with 8.26 million shares changing hands. Out of 31 traded securities, three advanced, nine declined and 19 remained unchanged. Omani investors were net buyers to the tune of OMR296,000 worth of shaers followed by GCC and Arab investors at OMR93,000, while foreign investors, who were net sellers, sold shares amounting to OMR390,000.

Financial Index retreated 0.40 per cent to end the session at 7,287.05 points. Al Anwar Holding and Gulf Investment Services gained 1.10 per cent and 1.01 per cent, respectively. HSBC Bank, Al Madina Takaful, Alizzislamic bank, Bank Nizwa and United Finance declined by 2.52 per cent, 2.33 per cent, 1.33 per cent, 1.28 per cent and 0.79 per cent, respectively.

Industrial Index declined by 0.03 per cent and closed at 7,325.48 points. Oman Textiles and Al Maha Ceramics fell 1.64 per cent and 0.87 per cent, respectively.

Services Index closed at 3,272.61 points, down by 0.06 per cent. Oman Hotels, up by 0.85 per cent, was the only sector gainer. Sembcorp Salalah and Oman Telecommunications Company (Omantel) declined by 0.55 per cent and 0.31 per cent, respectively.

Dubai stocks gain

While stock indices in Dubai and Thailand advanced at least 1.3 per cent, Indian shares extended declines into the sixth day. Russia’s rouble lost 0.2 per cent after climbing on Friday as the central bank left benchmark interest rates unchanged. The rupee weakened 0.5 per cent.

Turkish lira rallied the most since 2008 after the party cofounded by President Recep Tayyip Erdogan swept back into power, leading a currency gauge higher as disappointing Chinese manufacturing data underscored the risks facing emerging markets.

The lira rose 4 per cent against the dollar and Turkish stocks gained the most worldwide after the AK Party took about 49 per cent of the vote in Sunday’s parliamentary elections. The advance boosted a gauge of 20 developing-nation currencies for a second day. India’s rupee and the Russian ruble weakened, while the yuan lost 0.3 per cent. The Shanghai Composite Index fell for the second day after China’s official purchasing managers index stayed unchanged at 49.8 in October, showing industrial output shrank for the third month.

The Chinese data shed light on the slow pace of growth in the world’s second-biggest economy, dimming the outlook for demand from countries that rely on exports to China for a large proportion of their trade. Coupled with growing odds that the Federal Reserve will start raising interest rates in December, some investors are rethinking the potential upside for riskier assets after stocks and currencies had their best monthly rally since April last month.

“The AKP majority is clearly a positive and it was a surprise, so risk sentiment will be supported in the short term for Turkish assets in particular,” said Michael Ganske.