Financial stocks weakness weighs on Muscat bourse

Muscat: Weakness in financial stocks weighed on the MSM30 Index, which declined 0.31 per cent to finish at 5,511.10 points. The MSM Sharia Index ended at 807.57 points, down 0.30 per cent. Sembcorp Salalah was the most active in terms of volume as well as turnover. Up 2.80 per cent, Gulf Investment Services was the top gainer while Al Jazeera Services was the top loser, down 2.42 per cent.
A total number of 576 trades were executed on Wednesday, generating a turnover of OMR4.13 million with 14.2 million shares changing hands. Out of 38 traded securities, 11 advanced, 14 declined, and 13 remained unchanged. At the session close, Omani investors switched to net buyers for OMR1.90 million while GCC & Arab investors were net sellers for OMR1.24 million followed by Foreign Investors for OMR664,000 worth of shares.
Financial Index retreated 0.36 per cent to end at 8,046.28 points. Gulf Investment Services, Al Madina Investments, Al Madina Takaful and Bank Dhofar gained 2.80 per cent, 1.45 per cent, 1.01 per cent and 0.43 per cent respectively. Ominvest, Bank Nizwa, Al Sharqia Investment, HSBC Bank and Oman United Insurance declined 1.51 per cent, 1.08 per cent, 0.87 per cent, 0.74 per cent, and 0.52 per cent respectively.
Industrial Index closed at 7,539.59 points, up 0.08 per cent. Al Hassan Engineering, Oman Flour Mills and Oman Fisheries increased 1.89 per cent, 1.76 per cent and 0.71 per cent respectively. Al Anwar Ceramics and Galfar Engineering decreased 2.05 per cent, and 1.23 per cent respectively.
Services Index was stable at 2,794.75 points, up 0.05 per cent. Al Suwadi Power, Port Services, Phoenix Power and Ooredoo gained 2.22 per cent, 1.79 per cent, 1.54 per cent and 0.40 per cent respectively. Al Jazeera Services, Omantel, Sembcorp Salalah and Shell Oman Marketing lost 2.42 per cent, 1.53 per cent, 0.42 per cent, and 0.27 per cent respectively.
Sensex back in green
A normal monsoon forecast by IMD kept the hope factor alive for stocks on Wednesday as the Sensex closed higher — albeit marginally — after four days of losses in the face of muted corporate results so far.
The Nifty, however, ended in the red amid a recovery in Europe. With more companies due to announce results, investors remained largely cautious.
The government's weather office on Tuesday predicted a normal monsoon for June-September, which is expected to give a boost to the rural economy.
At the close, the 30-share index stood at 29,336.57, up 17.47 points, or 0.06 per cent. The barometer had lost 469.25 points in the previous four sessions, largely because of continued geo-political tensions and rising wave of global protectionism in the form of visa restrictions.
The 50-share NSE Nifty shed 1.65 points, or 0.02 per cent, at 9,103.50.
"The Indian Meteorological Department's first stage forecast for the important Indian monsoon season suggested...a near normal season," said Karthikraj Lakshmanan, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
Mirroring overnight losses in the US, most Asian shares turned lower after Britain's shock decision to call an early election added to global uncertainties, traders said.
TCS, the country's largest software exporter, on Wednesday fell 0.30 per cent after the company's March quarter profit came in below expectations.
PowerGrid took the top rank, climbing 4.35 per cent. Adani Ports, NTPC, Asian Paints, Coal India and Maruti Suzuki rose by up to 1.24 per cent.
SBI, Hero MotoCorp, Dr Reddy's and ICICI Bank faced selling pressure.
BSE power index made the maximum advance, rising 2.04 per cent, followed by realty, metal and capital goods.
Broader markets were better-off, with the small-cap and mid-cap gaining more than the benchmark.