Muscat bourse declines on weak sentiment

Business Monday 24/April/2017 17:10 PM
By: Times News Service
Muscat bourse declines on weak sentiment

Muscat: Shares on the Muscat Securities Market (MSM) declined on weak market sentiment. The MSM30 Index fell by 0.14 per cent to end lower at 5,466.61 points. The MSM Sharia Index was down by 0.21 per cent to close at 797.95 points. Al Madina Takaful was the most active regarding volume while Bank Muscat was the most active in terms of turnover. With a gain of 1.82 per cent, Oman & Emirates was the top gainer while Sohar Power was the top loser, down by 8.11 per cent.
As many as 681 trades were executed on Monday, generating a turnover of OMR2.35 million with 12.291 million shares changing hands. Out of 44 traded securities, 7 advanced, 18 declined, and 19 remained unchanged. GCC and Arab investors were net buyers of OMR272,000 while foreign investors were net sellers of OMR195,000 followed by GCC and Arab investors for OMR77,000 worth of shares.
Financial Index closed at 7990.17 points, marginally down by 0.05 per cent. Oman & Emirates, Al Madina Investment ,Bank Nizwa and Bank Sohar gained by 1.82 per cent, 1.49 per cent, 1.09 per cent and 0.69 per cent, respectively. Gulf Investment Services, Ahli Bank, Sharqiya Investment and Bank Muscat declined by 1.87 per cent, 1.58 per cent, 0.88 per cent and 0.50 per cent, respectively.
Industrial Index fell by 0.59 per cent to close at 7,408.54 points. Jazeera Steel Product and Galfar Engineering were up by 1.28 per cent and 1.27 per cent, respectively. Oman Fisheries, Al Maha Ceramics, Oman Textile Holding and Oman Flour Mills fell by 4.35 per cent, 2. 44 per cent, 1.57 per cent and 1.27 per cent, respectively
Services Index ended at 2,803.60 points, down by 0.13 per cent. Semcorp Salalah was the only gainer and was up by 0.42 per cent to close at OMR0.242. Sohar Power, United Power, Ooreedoo Oman and Oman Telecommunications Company fell by 8.11 per cent, 4.41 per cent, 0.39 per cent and 0.38 per cent, respectively.
Sensex surges
Easing of global tension in view of a market-friendly outcome in French presidential elections, which has reduced the risk of a Brexit-like shock pushed up the S&P BSE benchmark Sensex by 291 points to close at 29,655.84 and the NSE 50-share Nifty by 99 points to end at 9,217.95.
Domestic stocks rose in tandem with global markets after centrist Emmanuel Macron pulled in the highest number of votes among candidates in the first round of the French presidential election on Sunday.
The Sensex resumed higher at 29,407.68 and hovered in a range of 29,681.33 and 29,392.99 before ending at 29,655.84, showing a gain of 290.54 points or 0.99 per cent.
The NSE 50-share Nifty rose by 98.55 points or 1.08 per cent to end at 9,217.95 after moving in a range of 9,225.40 and 9,130.55.
Anupam Singhi, COO of William O'Neil India said, "Positive European cues and good Q4 FY 2017 updates lifted investor spirits. Positive market environment was evident in other Asian markets as well". European markets started strong following the news from the European Continent, the French presidential election round on Sunday with Emmanuel Macron and Marine Le Pen advancing to the second and final round of the polls.
Overseas, most Asian stocks ended higher after the centrist Emmanuel Macron won the first round of the French presidential election. Key indices like Hong Kong, Japan, Singapore. South Korea and Taiwan rose by 0.01 per cent to 1.37 while China's index fell by 1.37 per cent.
Key Euroepean indices like France, Germany and UK were trading higher by 1.78 per cent to 4.20 per cent in their afternoon trade.