Thursday 25 / April / 2024
Muscat: Dividend conversion in large caps and ex-conversion trading in Bank Muscat dragged down the MSM30 Index by 0.72 per cent, before closing at 5,629.93 points. The MSM Sharia Index ended at 846.37 points, down 0.45 per cent. Due to a special deal, Sembcorp Salalah was the most active in terms of volume as well as turnover. Up 14.58 per cent, Al Hassan Engineering was the top gainer while Al Maha Petroleum was the top loser, down 7.03 per cent.
A total number of 726 trades were executed on Tuesday, generating turnover of OMR9.90 million with 39.9 million shares changing hands. Out of 44 traded securities, 12 advanced, 12 declined and 20 remained unchanged. Omani investors switched to net buyers for OMR406,000 while foreign investors were net sellers for OMR372,000 followed by GCC & Arab investors for OMR34,000 worth of shares.
Financial Index retreated 0.20 per cent to close at 7,973.03 points. Financial Corporation, Takaful Oman, Al Izz Bank, Oman United Insurance and Gulf Investment Services increased 8.89 per cent, 2.38 per cent, 1.43 per cent, 0.97 per cent and 0.89 per cent respectively. Oman & Emirates Holding, HSBC Bank Oman and Bank Muscat declined 2.27 per cent, 1.54 per cent and 1.52 per cent respectively.
Industrial Index ended at 7,878.46 points, down 0.20 per cent. Al Hassan Engineering, Oman Fisheries and National Aluminum gained 14.58 per cent, 2.84 per cent and 0.57 per cent respectively. Al Jazeera Steel, Gulf International Chemicals and Voltamp Energy decreased 4.35 per cent, 1.03 per cent and 0.71 per cent respectively.
Services Index had sharp loss of 1.15 per cent to close at 2,948.50 points. Omantel, Port Services and OIFC gained 1.82 per cent, 1.02 per cent and 0.43 per cent respectively. Al Maha Petroleum, Ooredoo, Sembcorp Salalah, Phoenix Power and Al Batinah Power lost 7.03 per cent, 6.80 per cent, 0.82 per cent, 0.70 per cent and 0.55 per cent respectively.
EGA share sale
Emirates Global Aluminium (EGA), one of the world's top five producers, has invited banks to pitch for a role in its planned initial public offering (IPO), sources told Reuters.
The IPO could take place later this year, on either the Dubai or Abu Dhabi stock exchange, but the size of the offering has yet to be determined, the sources said.
EGA was created in 2013 when state-owned companies Dubai Aluminium (Dubal) and Abu Dhabi's Emirates Aluminium (Emal) merged. Its enterprise value was put at $15 billion at the time of the merger.
It is owned by Abu Dhabi state fund Mubadala Investment Co and Investment Corporation of Dubai (ICD). Mubadala, which recently merged with International Petroleum Investment Co, has been reviewing its investments in the wake of low oil prices and could see more changes in its strategy, banking sources said.
A request for proposals on the IPO was sent to banks, and submissions were due last week, according to three sources familiar with the matter, who spoke on condition of anonymity as the information is not yet public.
Emirates NBD, National Bank of Abu Dhabi , and a US bank have pitched for the role, according to a banking source.
EGA is working with banks to determine the valuation of the company and the size of the IPO, with a listing in the United Arab Emirates, either the Dubai Financial Market or the Abu Dhabi Securities Exchange, two other sources said.
Mubadala's team is working on the offering, one of the two sources said.
EGA, Mubadala, Emirates NBD and National Bank of Abu Dhabi declined to comment. ICD was not immediately available to comment.
EGA, which supplies aluminium to 300 customers in more than 60 countries, reported last month a 10 per cent rise in 2016 net profit to Dh2.1 billion ($572 million) despite a fall in revenue.
