Muscat bourse gains on partial recovery in telecom stocks

Business Monday 21/August/2017 16:46 PM
By: Times News Service
Muscat bourse gains on partial recovery in telecom stocks

Muscat: Partial recovery in telecom stocks lifted the MSM30 Index, which closed at 4,943.80 points, up 0.62 per cent. The MSM Sharia index increased 0.38 per cent to end at 732.10 points. Al Ahlia Insurance was the most active in terms of volume while Omantel led in terms of turnover. Omantel was the top gainer, up 4.05 per cent, while United Finance was the top loser, down 8.06 per cent.
A total number of 561 trades were executed on Monday, generating turnover of OMR3.82 million with 11.88 million shares changing hands. Out of 31 traded securities, 11 advanced, 7 declined and 13 remained unchanged. Omani Investors were net buyers for OMR225,000 while GCC and Arab Investors switched to net sellers for OMR152,000 followed by Foreign Investors for OMR73,000 worth of shares.
Financial Index closed at 7,323.70 points, up 0.13 per cent. Gulf Investment Services, Bank Sohar, Al Anwar Holding and Bank Muscat increased 2.67 per cent, 1.40 per cent, 0.71 per cent and 0.55 per cent respectively. United Finance, Al Madina Takaful, Al Ahlia Insurance and Al Sharqia Investments declined 8.06 per cent, 1.94 per cent, 1.92 per cent and 0.98 per cent respectively.
Industrial Index had gain of 0.08 per cent to end at 6,640.44 points. Al Anwar Ceramics increased 1.64 per cent while Oman Fisheries lost 0.96 per cent respectively.
Services Index advanced 0.70 per cent to finish at 2,443.32 points. Omantel, Phoenix Power, National Gas, Oman National Engineering and OIFC gained 4.05 per cent, 1.74 per cent, 1.40 per cent, 1.32 per cent and 1.30 per cent respectively. Al Jazeera Services, down 1.40 per cent, was the only sector loser.
Market losses mount, Infosys pulls down Sensex
Indian shares end lower
Stocks on Monday made an early attempt to come out of the Infosys jolt, but ultimately could not as the Sensex lost 266 points and the Nifty cracked below 9,800 at the close amid a lower opening in Europe.
The IT sector as a whole faced the backlash of Vishal Sikka's surprise resignation as Infosys CEO. The software giant suffered more losses, down 5.37 per cent.
The stock was the biggest loser among blue-chips on both the key indices for yet another session, which fell for the second day.
Investors turned skittish about joint military drills between the US and South Korea that kicks off on Monday, which may spark a toughening of stand by North Korea.
The 30-share Sensex ended 265.83 points lower, or 0.84 per cent, at 31,258.85. The gauge had lost 270.78 points in the previous session on Friday.
The broader NSE Nifty moved between 9,884.35 and 9,740.10, before ending down 83.05 points, or 0.84 per cent, at 9,754.35.
"Market failed to retain its opening strength due to continued pressure on the IT major (Infosys) despite a premium buyback announcement. Furthermore, pullout of foreign funds and persistent miss in quarterly earnings led the market to consolidate," said Vinod Nair, Head of Research, Geojit Financial Services.
European shares turned lower after investors grew wary of US President Donald Trump's ability to carry forward his ambitious economic agenda after some high-level exits. Asian markets closed mixed.
Losses were also registered at the counters of Adani Ports, Dr Reddy's, Sun Pharma and ONGC, falling by up to 2.74 per cent.
The ongoing turbulence at Infosys, India's second-largest IT exporter, continued to push down the BSE IT index, which slumped 2.04 per cent, followed by technology, PSU and healthcare.
Broader markets took more hits compared to the main indices, down by up to 1.45 per cent, as investors locked in profit.