Muscat bourse gains on demand for large cap stocks

Muscat: Supported by gains in index large caps, the MSM30 Index ended higher at 5,728.10 points, up by 0.23 per cent. The MSM Sharia Index declined by 0.04 per cent to close at 859.37 points. Bank Muscat was the most active in terms of volume as well as turnover. Ahli Bank, up by 4.32 per cent, was the top gainer while Oman Fisheries was the top loser with a loss of 3.23 per cent.
As many as 634 trades were executed on Wednesday, generating turnover of OMR2.68 million with 11.02 million shares changing hands. Out of 50 traded securities, 10 advanced, eight declined and 32 remained unchanged. Omani investors were net buyers for OMR224,000 while foreign investors switched to net sellers for OMR198,000 followed by GCC and Arab investors for OMR26,000 worth of shares.
Financial Index advanced 0.65 per cent to close at 7,602.60 points. Ahli Bank, Al Batinah Development and Investment, Al Madina Investment, Ominvest and Al Omaniya Financial gained 4.32 per cent, 2.08 per cent, 1.82 per cent, 1.59 per cent and 1.43 per cent, respectively. Financial Corporation, Oman & Emirates Holding and Al Sharqia Investments declined by 1.96 per cent, 0.76 per cent and 0.71 per cent, respectively.
Industrial Index remained unchanged at 7,376.55 points. Construction Materials, Gulf International Chemicals and Al Maha Ceramics gained 3.23 per cent, 1.11 per cent and 0.82 per cent, respectively. Oman Fisheries and Al Jazeera Steel declined by 3.23 per cent and 0.41 per cent, respectively.
Services Index declined by 0.26 per cent to finish at 3,055.20 points. Al Suwadi Power, Oman Telecommunications Company (Omantel) and OIFC declined by 2.11 per cent, 0.66 per cent and 0.49 per cent, respectively.
Sensex declines
In a range-bound session, fag-end selling faltered to lose for sixth day in a row, while closing fresh two week lows by declining 65.60 points to finish at 26,242.38 in the absence any definite cues.
The mute trading session witnessed small voluminous gains most of the session on overnight US markets record level while, weak Asian trend capped the gains along sentiment pressured by continued FII selling, moreover investors were in holiday mood and preferred to stay sidelines.
Selling was led by FMCG, IT, Teck, CapitalGoods, HealthCare, industrials and Telecom sectors, while buying was seen in Realty, Consumer Durables, Power, utilities and Metal segments. While the broader midcap and smallcap companies shares traded lacklustre.
Some stock specific trigger set of the key indices to garner substantial gains like Reliance Comminication (RCom) rose nearly 7 per cent after signing binding agreements with Canada-based Brookfield Infrastructure and institutional partners to sell its tower business for an upfront cash payment.
The 30-pack Sensex resumed higher 26,368.88 and hovered between 26,396.00 and 26,213.51 before closing at 26,242.38, showing a loss of 65.60 points, or 0.25 per cent. The index had fallen 389.84 points in the previous four sessions.
The 50-issue NSE Nifty fell 21.10 points, or 0.26 per cent, to close at 8,061.30, after shuttling between 8,112.55 and 8,053.25.
Overseas, Asian stocks ended mixed amid volatility after overnight advances in US stocks, with Singapore, south Korea and Japan losing 0.02 per cent to 0.26 per cent. Hong Kong and China garnering 0.37 per cent to 1.11 per cent. European stocks were largely trading higher amid volatility, Germany and London FTSE gaining 0.01 per cent to 0.13 per cent, CAC France lower by 0.14 per cent.