Oman shares rise on continued buying support

Business Wednesday 08/February/2017 16:47 PM
By: Times News Service
Oman shares rise on continued buying support

Muscat: Oman’s benchmark MSM30 Index remained stable at 5,827.70 points, a marginal gain of 0.05 per cent. The MSM Sharia Index closed at 865.28 points, up 0.25 per cent. Al Madina Investment was the most active in terms of volume while Al Anwar Ceramics led in terms of turnover. The top gainer was Al Anwar Ceramics, up 2.42 per cent while Al Madina Investment remained top loser, down 2.86 per cent.
A total number of 882 trades were executed on Wednesday, generating turnover of OMR3.87 million with 24.55 million shares changing hands. Out of 35 traded securities, 8 advanced, 8 declined and 19 remained unchanged. At the session close, GCC & Arab investors switched to net buyers for OMR91,000 while Foreign investors were net sellers for OMR89,000 followed by Omani investors for OMR2,000 worth of shares.
Financial Index retreated 0.08 per cent to close at 8,080.59 points. Bank Nizwa, Taageer Finance and Muscat Finance increased 1.14 per cent, 0.75 per cent and 0.72 per cent respectively. Al Madina Investment, Al Anwar Holding, Al Madina Takaful and Al Sharqia Investment lost 2.86 per cent, 1.59 per cent, 1.06 per cent and 0.7 per cent respectively.
Industrial Index gained 0.21 per cent to finish at 7,757.13 points. Al Anwar Ceramics, up 2.42 per cent, was the only mover on Wednesday.
Services Index ended at 3,035.98 points, down 0.17 per cent. Port Services, Al Batinah Power and Omantel increased 1.60 per cent, 1.07 per cent and 0.35 per cent respectively. Phoenix Power, Renaissance Services, Al Jazeera Services and OIFC decreased 1.37 per cent, 1.23 per cent, 0.53 per cent and 0.46 per cent respectively.
Sensex extends losses
India’s S&P BSE benchmark Sensex extended its losses for the second straight day, slipping by another 45 points to end at 28,289.92 on persistent selling pressure from operators as Reserve Bank Of India (RBI) kept interest rates unchanged.
However, NSE 50-share Nifty inched up by 0.75 points or 0.01 per cent to close at 8,769.05 as against the Tuesday's closing level of 8,768.30.
The Sensex resumed higher at 28,386.08 and hovered in a range of 28,391.64 and 28,149.08 before ending at 28,289.92, showing a loss of 45.24 points or 0.16 per cent.
The Sensex has lost 149.36 points or 0.53 per cent in two days.
RBI Governor Urjit Patel on Wednesday cut the economic growth forecast to 6.9 per cent for the current fiscal from 7.1 per cent estimated earlier, even as he said the economy will bounce back to 7.4 per cent rate next fiscal.
The Reserve Bank today kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out.
Economic activity in cash-intensive sectors such as retail trade, hotels and restaurants, transportation as well as in the unorganised sector is expected to be rapidly restored, the RBI said.
In ovreseas, Asian shares ended mixed. Meanwhile, Bank of Japan board members saw improvements in exports, consumer spending and capital expenditure. Key indices in China, Japan and Hongkong ended higher by 0.44 per cent to 0.66 per cent while South Korea, Singapore and Taiwan moved down by 0.12 per cent to 0.49 per cent.