Saturday 18 / May / 2024
Muscat: Subdued trading activity continues in Oman with the MSM30 Index closing at 5,458.45 points, down 0.11 per cent. The MSM Sharia Index declined 0.08 per cent to close at 840.80 points. Al Madina Takaful was the most active in terms of volume while Bank Muscat led in turnover. Takaful Oman remained top gainer, up 9.09 per cent while Gulf Investment Service was top loser, down 1.87 per cent.
A total number of 394 trades were executed on Monday, generating turnover of OMR1.14 million with 6.63 million shares changing hands. Out of 40 traded securities, 5 advanced, 9 declined and 26 remained unchanged. At the session close, Omani Investors stayed net buyers for OMR105,000 while GCC & Arab Investors were net sellers for OMR89,000 followed by Foreign Investors for OMR16,000 worth of shares.
Financial Index retreated 0.08 per cent to close at 7,074.73 points. Takaful Oman, Al Madina Takaful and Al Anwar Holding gained 9.09 per cent, 2.74 per cent and 0.61 per cent respectively. Gulf Investment Services, Al Sharqia Investment, Al Izz Bank, HSBC Bank and Oman & Emirates Holding decreased 1.87 per cent, 1.74 per cent, 1.56 per cent, 0.88 per cent and 0.81 per cent respectively.
Industrial Index was stable at 7,122.83 points, up 0.01 per cent. Galfar Engineering gained 1.06 per cent while Oman Fisheries lost 1.67 per cent respectively.
Services Index ended at 3,014.37 points, down 0.05 per cent. Ooredoo and Port Services declined 0.62 per cent and 0.40 per cent respectively.
Emerging markets rebound
Emerging-market stocks gained the most in almost three weeks and Mexico’s peso led an an advance in currencies on optimism a victory for Hillary Clinton in the US presidential election will support risk appetite.
The peso was set for its biggest jump since September after the Federal Bureau of Investigation reaffirmed that Clinton’s use of private e-mail servers wasn’t a crime. Egypt’s pound weakened 3.6 per cent after the central bank freed its currency while stocks in Cairo extended a rally for an eighth day. Hungarian shares reached a record high after the country was returned to investment grade by Moody’s Investors Service. The premium investors demand to own emerging-market sovereign bonds over Treasuries narrowed the most in two weeks.
The MSCI Emerging-market Index fell 2.8 per cent last week after the FBI announced its new investigation, while actively managed emerging-market equity funds lost a net $327 million in the week ending on November 2, their first outflow in 19 weeks, EPFR Global data show.
Stocks
The MSCI Emerging markets Index rose 1 per cent, its first increase in five days, as of 11:23am in London. Ten of 11 industry groups advanced, led by energy companies and technology shares. The developing-markets measure has rallied 12 per cent this year and is valued at 12 times projected 12-month earnings, data compiled by Bloomberg show. The MSCI World Index is little changed in 2016 and trades at a multiple of 15.4.
Egypt’s EGX 30 Index gained 5 percent, Stocks in the Arab nation have rallied amid bets a decision to float its currency will help cement a $12 billion loan from the International Monetary Fund. Turkish shares headed for the biggest gain since Sept. 22 on a closing basis. The BUX Index in Budapest rose 0.8 per cent after Moody’s became the third main ratings company to give the former communist nation investment-grade status.
Taiwan’s Taiex surged 1.3 per cent, paced by Taiwan Semiconductor Manufacturing Co., while gains in Samsung Electronics lifted South Korea’s Kospi index higher by 0.8 percent. Indian shares rebounded 0.9 per cent, halting a five-day drop.
Currencies
The MSCI Emerging markets Currency Index added 0.1 per cent. The lira climbed 0.4 per cent and the rand strengthened 0.5 per cent.
The peso added 1.9 per cent and South Africa’s rand appreciated 0.8 per cent. South Korea’s won gave up earlier gains to trade little changed. The ruble slid to the weakest level in a month, catching up with declines in oil prices on Friday when Russian markets were closed for a national holiday.
The won slumped to a four-month low last week amid an influence-peddling scandal involving President Park Geun-hye. It sank to 1,152.20 to the dollar on November 2, the lowest since July, as she faced calls from the public to resign over allegations her long-time friend Choi Soon-sil meddled in government affairs.
Indonesia’s rupiah lost 0.1 per cent. The country’s economy grew in line with economists’ forecasts in the third quarter, government data on Monday showed. China’s yuan fell 0.3 per cent after the central bank weakened its reference rate.
Emerging-market investors perceive a victory by Clinton on Tuesday as positive after her Republican rival Donald Trump put forward anti-trade pledges that may affect ties with Mexico and China. The peso has been considered a barometer for investors’ views on Trump’s chances in the election and a final Bloomberg poll released on Monday pointed to a narrow lead for Clinton with the race for the White House entering its final hours.
"The main driver is the drop of the Clinton case,” said Regis Chatellier, a London-based strategist at Societe Generale, who favous sovereign international bonds from Mexico, Croatia and Turkey. "The market is pricing a higher chance for a Clinton victory.”
The FBI is sticking to its July conclusion that Democratic contender Clinton’s handling of her e-mails as secretary of state wasn’t a crime, the bureau’s director James Comey said after examining new material. Comey informed Congress just over a week ago the FBI was looking at fresh e-mails potentially related to Clinton, a statement that roiled the presidential race and breathed new life into Trump’s candidacy at a time most polls showed Clinton with a wide lead.
