Local institutional buying lifts Oman shares

Muscat: Local institutional buying in banking stocks lifted the MSM30 Index 0.21per cent to close at 5,831.21 points. The MSM Sharia Index gained 0.22 per cent to close at 868.42 points. Bank Nizwa was the most active in terms of volume while Al Jazeera Services led in terms of turnover. Up 5.79 per cent, Al Jazeera Services was the top gainer while Al Batinah Development was the top loser with a loss of 2.86 per cent.
A total number of 1,143 trades were executed on Wednesday, generating turnover of OMR4.31 million with 28.9 million shares changing hands. Out of 43 traded securities, 16 advanced, 8 declined and 19 remained unchanged. At the session close, Omani investors remained net buyers for OMR306,000 followed by GCC & Arab investors for OMR69,000 while Foreign investors switched to net sellers for OMR374,000 worth of shares.
Financial Index ended at 8,143.01 points, up 0.39 per cent. Oman & Emirates Holding, Al Shariqa Investments, NBO, Bank Nizwa and National Finance increased 2.76 per cent, 1.43 per cent, 1.22 per cent, 1.12 per cent and 0.65 per cent respectively. Al Batinah Development, Al Madina Investments, Taageer Finance and Muscat Finance declined 2.86 per cent, 1.37 per cent, 0.74 per cent and 0.71 per cent respectively.
Industrial Index advanced 0.41 per cent to finish at 7,867.29 points. Oman Fisheries, Galfar Engineering and Al Anwar Ceramics increased 3.10 per cent, 2.06 per cent and 1.20 per cent respectively. Gulf International Chemicals, down 0.69 per cent was the sole loser.
Services Index gained 0.20 per cent to close at 3,039.72 points. Al Jazeera Services, Al Batinah Power, Renaissance Services, Phoenix Power and Al Suwadi Power increased 5.79 per cent, 1.05 per cent, 0.82 per cent, 0.69 per cent and 0.53 per cent respectively. United Power, Ooredoo and Omantel declined 2.86 per cent, 0.65 per cent and 0.35 per cent respectively.
Sensex tanks 184 points
Disappointing corporate earnings weighed on equities for the second straight session on Wednesday, sending benchmark Sensex tumbling 184 points to a two-week closing low of 28,155, while hawkish comments from US Fed chair Janet Yellen heightened capital outflow fears.
Auto, realty and pharma counters took a big hit. Profit-booking by retail investors dragged small-cap and mid-cap indices lower by 1.52 per cent and 1.16 per cent, respectively.
On the global front, concerns of capital outflows from emerging economies, including India, intensified after Yellen said the Fed will probably need to raise interest rates at its upcoming meet in March.
After opening lower, the BSE Sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks. The gauge finally settled 183.75 points or 0.65 per cent lower at 28,155.56, its lowest closing since February 1 when it had ended at 28,141.64.It had shed 12.31 points in the previous session.
The NSE Nifty ended 67.60 points or 0.77 per cent down at 8,724.70. Intra-day, it moved between 8,712.85 and 8,807.90.
"Markets traded with losses as worries heightened over capital outflows from emerging economies, including India, after Yellen spoke in support of an interest rate hike next month," said Karthikraj Lakshmanan, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
Other Asian markets ended higher, tracking another record closing at the US stock markets. Hong Kong's Hang Seng led the pack by rising 1.23 per cent, while Japan's Nikkei rose 1 per cent. Shanghai Composite Index shed 0.15 per cent.
Europe too was higher in early trading, with London's FTSE climbing 0.4 per cent and Paris 0.3 per cent and Frankfurt gaining.