Lack of buying support pulls Muscat index down

Business Tuesday 18/April/2017 16:45 PM
By: Times News Service
Lack of buying support pulls Muscat index down

Muscat: Shares on the Muscat bourse continued its decline. The MSM30 Index ended lower to close at 5,528.06 points, down by 0.30 per cent. The MSM Sharia Index ended at 810.02 points, down 0.37 per cent. Phoenix Power was the most active in terms of volume while Ooredoo Oman was the most active in terms of turnover. Financial Services was the top gainer, up 15.94 per cent, while the top loser was Muscat Thread Mills, down 9.09 per cent.
A total number of 617 trades were executed on Tuesday, generating a turnover of OMR2.74 million with 12.1 million shares changing hands. Out of 38 traded securities, 7 advanced, 15 declined, and 16 remained unchanged. GCC and Arab investors remained net buyers for OMR183,000 followed by foreign investors for OMR154,000 while Omani investors were net sellers for OMR337,000 worth of shares.
Financial Index was stable at 8,075.35 points, down by 0.01 per cent. Financial Services, Bank Sohar, Bank Muscat and Bank Dhofar gained 15.49 per cent, 0.70 per cent, 0.50 per cent and 0.44 per cent respectively. Oman Takaful, Al Anwar Holding and National Bank of Oman fell by 4.44 per cent, 0.97 per cent, and 0.87 per cent respectively.
Industrial Index declined 0.39 per cent to finish at 7,533.50 points. Al Hassan Engineering and Oman Flour Mills increased by 1.92 per cent and 0.89 per cent respectively. Muscat Thread Mills, Oman Fisheries, Gulf International Chemical and Al Anwar Ceramics fell by 9.09 per cent, 2.76 per cent, 1.61 per cent, and 1.35 per cent respectively.
Services Index had a loss of 0.54 per cent to end at 2,808.87 points. Port Services was the only gainer in the sector and was up by 1.36 per cent to close at OMR0.223. Phoenix Power, Omantel, Jazeera Services and Al Batinah Power fell by 2.99 per cent, 2.25 per cent, 0.60 per cent, and 0.57 per cent respectively.
Sensex extends losses
The S&P BSE benchmark Sensex extended its losses for the third day today, slipping by 48 points to end at 29,413.66 and the NSE 50-share Nifty fell by 12 points to finish at 9,139.30 due to persistent selling pressure ahead of the quarterly results from companies.
Trading activity was subdued as investors remained on the sidelines on rising geopolitical concerns.
On the macro front, the inflation based on wholesale price index (WPI) dropped to 5.70 per cent (provisional) for the month of March 2017,
Busy quarterly earnings season has just kicked off and these numbers are expected to trigger a lot of stock-specific action on Dalal Street.
The Sensex resumed higher at 29,470.27 and hovered in a range of 29,494.08 and 29,363.28 before ending at 29,413.66, showing a loss of 47.79 points or 0.16 per cent. The sensex has dropped by 374.69 points or 1.26 per cent in three days.
The NSE 50-share Nifty declined further by 11.50 points or 0.13 per cent to close at 9,139.30 after moving in a range of 9,120.25 and 9,160.00.
Anupam Singhi, COO of William O'Neil India said, "The benchmark indices declined marginally weighed down by continued geo-political tensions".
Further, investors were watchful of the upcoming earnings season especially after Infosys reported a negative fourth quarter results in last week.
Nifty Metal, Pharma and IT indices were the biggest losers while Nifty Realty managed to gain 8.03 per cent mainly because of a surge in stock prices of Indiabulls Real Estate, Godrej property and DLF.
In the stock talk, today spotlight was on Indiabulls Real Estate, whose shares rose about 42 per cent, after the Company announced its plan to restructure its business through demerger of its segments.