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Muscat bourse declines on weak sentiment

Business Monday 06/March/2017 17:04 PM
By: Times News Service
Muscat bourse declines on weak sentiment

Muscat: Shares on the Muscat Securities Market edged down again on weak market sentiment. The MSM30 index fell by 0.14 per cent to close at 5,799.92 points. The MSM Sharia Index ended flat to close at 860.18 points. Al Anwar Holding was the most active in terms of volume as well as turnover. Oman Textile Holding remained the top gainer, up by 16.11 per centwhile Al Batinah Development was the top loser, down by 8.16 per cent.
As many as 925 trades were executed on Monday, generating turnover of OMR3.47 million with 15.23 million shares changing hands. Out of 43 traded securities, 10 advanced, 14 declined and 19 remained unchanged. Omani investors were net buyers for OMR613,000 while foreign investors were net sellers for OMR478,000 followed by GCC and Arab investors for OMR135,000 worth of shares.
Financial Index gained by 0.07 per cent to close at 8,210.62 points. Al Anwar Holding, Al Madina Investment, Muscat Finance and Oman United Insurance increased by 2.43 per cent, 1.45 per cent,0.72 per cent and 0.50 per cent, respectively. Al Batinah Development, Bank Muscat, Taageer Finance and Al Shariqya Investment declined by 8.16 per cent, 1.69 per cent, 1.46 per cent and 0.78 per cent, respectively.
Industrial Index fell by 0.22 per cent to close at 8001.30 points. Oman Textile Holding, Gulf International Chemicals and Oman Cables Industry increased by 16.11 per cent, 2.11 per cent and 0.62 per cent, respectively. Construction Material Industry, Oman Fisheries, Galfar Engineering and Al Anwar Ceramic declined by 2.94 per cent, 2.14 per cent, 2.13 per cent and 1.2 per cent, respectively.
Services Index was down by 0.11 per cent to close at 3,026.02 points, marginally down by 0.02 per cent. Oman Telecommunications Company was the only gainer and was up by 0.36 per cent to close at 1.375. Port Services, Phoenix Power, Al Jazeira Services and OIFC declined by 2.58 per cent, 0.69 per cent, 0.50 per cent and 0.43 per cent, respectively.
Sensex bounces back
India’s benchmark S&P BSE benchmark Sensex bounced back by 216 points to close at 29,048.19 and the NSE 50-share Nifty by 66 points to end at 8,963.45 on fresh buying mainly in Energy, Refinery, Auto, Power and Industrial sectors on the back of strong foreign capital inflows.
Market sentiment was positive as the Goods and Services Tax (GST) Council, in its meeting held on last Saturday approved the draft CGST Bill and the draft IGST Bill.
The Sensex resumed higher at 28,859.21 and hovered in a range of 29,070.20 and 28,856.12 before ending at 29,048.19 , showing a gain of 215.74 points or 0.75 per cent.
The NSE 50-share Nifty also rose by 65.90 points or 0.74 per cent to end at 8,963.45.
Praveen Nagda, CEO of Peregrine Public Relations Pvt. Ltd said after a dull ending last week, markets opened in green on Monday, with major indices reclaiming their major resistance levels.
Reliance Industries zoomed over 3 per cent, as it extended its 9-year high. Investor sentiment continued to be bullish on the conglomerate’s telecom and energy prospects, which has been driving the stock to scale fresh highs.
In Overseas market, Asian stocks witnessed a mixed trend. US stock markets registered gains on last Friday, while Federal Reserve Chair Janet Yellen put an exclamation point on the possibility of a rate hike this month. Key indices like China, Hongkong, South Korea and Taiwan firmed up by 0.13 per cent to 0.48 per cent while indices in Japan and Singpaore eased by 0.03 per cent to 0.46 per cent.