MSM index ends higher

The top gainer was HSBC Bank Oman, up by 0.86 per cent, while Jazeera Steel Product was the day’s top loser, down by 7.37 per cent

MUSCAT: Shares on the Muscat Securities Market edged up on buying support from retail investors. The MSM index closed at 5,948.37 points, up by 0.16 per cent. The MSM Sharia Index was up by 0.09 per cent to close at 911.31 points.

HSBC Bank Oman led in terms of volume, while Bank Muscat was most active in terms of turnover. The top gainer was HSBC Bank Oman, up by 0.86 per cent while Jazeera Steel Product was the day’s top loser, down by 7.37 per cent.

As many as 682 trades were executed in the session, generating a turnover of OMR3.30 million with 13.57 million shares changing hands. Out of 41 traded securities, 17 advanced, 7 declined and 17 remained unchanged. At the close of the session, Arabs and GCC investors were net sellers to the tune of OMR600,000, while foreign investors were net sellers at OMR537,000 followed by Omani investors, who sold shares amounting to OMR66,000.

Financial Index increased by 0.41 per cent to end the session at 7,316.67 points.

Oman& Emirates, Al Anwar Holding , Gulf Investment Services and Al Sharqiya Investment increased by 2.91 per cent 2.17 per cent , 2 per cent and 1.77 per cent respectively.DBIH, Oman United Insurance and United Finance declined by 0.99 per cent, 0.79 per centand 0.78 per centrespectively.

Industrial Index declined 0.38% and closed at 7,297.92 points. Oman Fisherie, Al Hassan Engineering, Oman Textile Holding and Galfar Engineering increased by 3.57 per cent, 3.49 per cent, 2.78 per cent and 1.16 per cent respectively. Jazeera Steel Product, Al Maha Ceramics and Raysut Cement declined by 7.37 per cent , 1.75 per cent and 0.44 per cent respectively.

Services Index finished at 3,274.53 points, down by 0.06 per cent. National Gas, Omantel and Oreedoo Oman increased by 3.25 per cent, 0.62 per cent and 0.52 per cent respectively. Renaissance Services was the only loser and was down by 1.73% to close at OMR0.168.

Saudi stocks sink

Saudi Arabian equities closed at the lowest level in almost three years after Bank of America Merrill Lynch said the country’s credit worthiness may deteriorate further.

The Tadawul All Share Index slumped 1.6 per cent to 6,955.11 at the close in Riyadh, the lowest level since March 2013. The property company Jabal Omar Development Company was the biggest contributor to the decline, losing 6.8 per cent, after reporting its first loss in five quarters.

The Kingdom’s credit rating was reduced by one notch to A+ last week with a negative outlook by Standard & Poor’s, which cited an expected widening of the budget deficit due to decline in oil prices and the nation’s dependency on energy exports. The risk of another cut is "elevated," BofA said on Tuesday.

Shares valued at about 5.1 billion riyals ($1.4 billion) traded, or 28 per cent less than the market’s one-year daily average, according to data. Tuesday’s decline sent the Tadawul’s 14-day relative strength index down to 28 points. A level below 30 indicates to some technical analysts that a market is oversold and may be poised to rebound.

Investors “aren’t getting clarity on what the budget will look like and aren’t getting enough of a reassurance from the government," said Muhammad Shabbir, the head of regional equities at Rasmala Investment Bank in Dubai.