Banking stocks aid Oman share index recovery

Business Tuesday 04/April/2017 16:49 PM
By: Times News Service
Banking stocks aid Oman share index recovery

Muscat: Positive sentiment in banking stocks continued to drive the MSM30 Index, which closed at 5,623.41 points, up by 0.48 per cent. The MSM Sharia Index declined by 0.36 per cent to close at 843.17 points. Al Anwar Holding was the most active in terms of volume as well as turnover. Al Madina Takaful, up by 3.16 per cent, was the top gainer while the top loser was A’Saffa Foods, down by 9.51 per cent.
As many as 1,107 trades were executed on Tuesday, generating turnover of OMR4.39 million with 24.9 million shares changing hands. Out of 45 traded securities, 18 advanced, 11 declined and 16 remained unchanged. GCC and Arab investors were net buyers of OMR114,000 while foreign investors were net sellers of OMR107,000 followed by Omani investors at OMR7,000 worth of shares.
Financial Index advanced by 0.87 per cent to close at 8,067.95 points. Al Madina Takaful, Bank Muscat, Al Batinah Development, Gulf Investment Services and Oman United Insurance gained 3.16 per cent, 3.08 per cent, 2.15 per cent, 1.69 per cent and 1.58 per cent, respectively. Taageer Finance and Muscat Finance lost 4 per cent and 1.64 per cent, respectively.
Industrial Index closed at 7,782.89 points, down by 0.31 per cent. Al Jazeera Steel, Al Anwar Ceramics, Al Maha Ceramics, Galfar Engineering and Raysut Cement increased by 2.62 per cent, 2.53 per cent, 1.90 per cent, 1.16 per cent and 0.74 per cent, respectively. A’Saffa Foods, Oman Cement, Oman Fisheries and Voltamp Energy declined by 9.51 per cent, 4.38 per cent, 3.53 per cent and 3.40 per cent, respectively.
Services Index edged down by 0.14 per cent to close at 2,879.18 points. Al Jazeera Services, Phoenix Power and Oman Telecommunications Company gained 1.71 per cent, 0.71 per cent and 0.36 per cent, respectively. Oman Oil Marketing, Al Batinah Power, Al Suwadi Power, National Gas and Sembcorp Salalah declined by 2.35 per cent, 1.64 per cent, 0.54 per cent, 0.45 per cent and 0.41 per cent, respectively.
Egypt firm to list shares
Shares in Egypt's MM Group will start trading next Tuesday following this week's placement, in which the company raised 750 million pounds ($42 million) by selling a 30 per cent stake to investors.
Chairman Khaled Mahmoud said 2017 net profit was expected to jump 80 per cent to more than 400 million pounds from 222 million pounds last year, based on a targeted rise in sales to 7 billion pounds from 5 billion.
He said 50 per cent of profits would be returned to shareholders each year and the company would invest 1 billion pounds over the next 18 months to expand its e-commerce, microfinance and consumer operations.
MM Group for Industry & International Trade distributes several international brands in Egypt including Vodafone, Samsung Electronics, Jaguar, Land Rover and Ferrari.
The company set a share price of 5.96 pounds ($0.33) in this week's private and public share offerings, which were more than nine times oversubscribed.