MSM index ends higher

Al Anwar Ceramics, up 5.26 per cent, was the top gainer while Port Services was the top loser, with a loss of 1.64 per cent

MUSCAT: Sustained local interest in financial stocks propped up the MSM 30 Index, which surged 1.06 per cent to end at 5,487.82 points. The MSM Sharia Index gained 0.77 per cent to close at 843.95 points.

Bank Nizwa was the most active in terms of volume while Oman Telecommunications Company led in terms of turnover. Al Anwar Ceramics, up 5.26 per cent, was the top gainer while Port Services was the top loser, with a loss of 1.64 per cent.

As many as 1,199 trades were executed on Wednesday, generating turnover of OMR5.4 million with 33.7 million shares changing hands. Out of 47 traded securities, 31 advanced, two declined and 14 remained unchanged.

Omani Investors were net buyers for OMR853,000 while GCC and Arab investors were net sellers for OMR702,000 followed by foreign investors for OMR151,000 worth of shares.

Financial Index had a strong session before closing at 6,844.65 points with gains of 1.68 per cent. National Finance, HSBC Bank, Global Financial Investment, Oman United Insurance and Bank Nizwa gained by 4.48 per cent, 4.21 per cent, 3.60 per cent, 3.25 per cent and 2.74 per cent, respectively.

Industrial Index rebounded to finish at 6,593.49 points, up by 1.07 per cent. Al Anwar Ceramics, Galfar Engineering, Al Jazeera Steel, Oman Fisheries and Oman Textiles increased by 5.26 per cent, 4.62 per cent, 2.88 per cent, 1.79 per cent and 1.76 per cent, respectively.

Services Index gained by 0.67 per cent to close at 3,114.67 points. Renaissance Services, ACWA Power, Sembcorp Salalah, OoredooOman and OIFC gained by 4.49 per cent, 2.47 per cent, 2 per cent, 0.54 per cent and 0.48 per cent, respectively. Port Ser- vices and SMN Power declined by 1.64 per cent and 1.08 per cent, respectively.

European markets

European shares advanced in thin trading as calm returned to markets after a two-day decline threatened a rebound that has trimmed this year’s losses by more than half.

Credit Suisse gained 2.2 per cent after announcing an additional 2,000 job cuts. Kingfisher rose 3.8 per cent after Europe’s largest home-improvement retailer reported profit that beat estimates. Auto-related stocks climbed for a second day, with Daimler and Volkswagen contributing most to gains, as the weaker euro benefited exporters. BASF and Bayer led chemical stocks to the best performance among industry groups.

The Stoxx Europe 600 Index added 0.4 per cent to 341.8 in London. The volume of shares changing hands was 33 per cent lower than the 30-day average. The VStoxx Index, a measure of volatility on the Euro Stoxx 50 Index, fell 4 per cent.

The gauge had risen in the past two days after closing at a threemonth low last week.

“It’s reassuring that investors can focus on better earnings, a steady global economy and supportive central banks,” said Ben Kumar, an investment manager at Seven Investment Management in London. His firm oversees about $14 billion.

“Yesterday’s tragedy hit at all the unrest around Europe, and yet markets managed to digest it with a certain resilience. That wouldn’t have been the case two months ago.”

European shares on Tuesday recovered most losses incurred after bomb blasts at Brussels airport and a central subway station.-