Muscat shares decline further on selling pressure

Muscat: Shares on the Muscat Securities Market (MSM) declined further on selling pressure. The MSM30 Index continued on its downward trend to close at 5,715.82 points, down by 0.44 per cent. The MSM Sharia Index had marginal loss of 0.02 per cent to end at 851.47 points. Due to a special deal, Oman & Emirates Holding was the most active in terms of volume as well as turnover. With a gain of 4.58 per cent, Oman & Emirates Holding was the top gainer, while Oman National Engineering was the top loser, down by 9.26 per cent.
As many as 828 trades were executed on Monday, generating turnover of OMR7.38 million with 27.8 million shares changing hands. Out of 41 traded securities, 7 advanced, 22 declined and 12 remained unchanged. Omani investors were net buyers of OMR1.30 million while foreign investors were net sellers of OMR848,000 followed by GCC and Arab investors for OMR457,000 worth of shares.
Financial Index had sharp loss of 0.55 per cent to close at 8,048.71 points. Oman and Emirates and HSBC Bank gained 4.58 per cent and 0.78 per cent, respectively. Bank Muscat, Al Batinah Investment, Takaful Oman, Al Madina Investments and Al Anwar Holding declined by 2.22 per cent, 2.22 per cent, 1.71 per cent, 1.49 per cent and 1.47 per cent, respectively.
Industrial Index was stable at 8,013.29 points, up by 0.01 per cent. Voltamp Energy, Oman Textiles, Oman Cement and Gulf International Chemicals increased by 1.46%, 1.06 per cent, 0.82 per cent and 0.34 per cent, respectively. Galfar Engineering, Oman Fisheries and Al Anwar Ceramic lost 1.14 per cent, 1.10 per cent and 0.62 per cent, respectively.
Services Index retreated 0.29 per cent to finish at 3,003.28 points. Shell Oman Marketing, up by 0.50 per cent, was the sole gainer. Oman National Engineering, Sohar Power, Renaissance Services, OIFC and Port Services declined by 9.26 per cent, 2.71 per cent, 2.42 per cent, 1.33 per cent and 1.32 per cent, respectively.
Olayan plans share sales
Saudi Arabia’s billionaire Olayan family, Credit Suisse Group’s largest shareholder, is considering selling shares in some of its local assets, according to a company spokesman.
Olayan Financing, which controls the family’s investments in the Middle East, may offer shares in one or more of its operating companies to the public through an initial public offering, the spokesman said by email. Olayan Financing manages more than 40 companies in the Middle East, including the regional Burger King franchise, according to its website.
The company is also considering setting up a holding company for some of its assets and may IPO that, according to people familiar with the plans. Olayan Financing is already in talks with potential financial advisers for the offering, which could happen as early as 2018, the people said, asking not to be identified as talks are private. Final decisions on which entities may be listed haven’t been made and the plans could change, they said.
Olayan Group, which manages the family’s international business, is Credit Suisse’s largest shareholder with a 5.1 per cent stake, according to data compiled by Bloomberg. Founded by Suliman Olayan in 1947, the business was valued at more than $10 billion based on disclosed equity holdings, property investments and three of its closely-held businesses, according to the Bloomberg Billionaires Index in 2015.
The planned IPO would be the first time Olayan Financing has sold shares in one of its Saudi businesses since at least 2000, according to data compiled by Bloomberg.
The group also owns global real estate assets including 550 Madison Avenue in New York City, the Knightsbridge Estate in central London and residential buildings in Paris’s 8th arrondissement, according to its website.