Monday 20 / May / 2024
Muscat: The MSM30 witnessed heavy profit taking to close at 5,659.93 points, down 1.31 per cent. The MSM Sharia Index declined 0.86 per cent to close at 855.99 points. Galfar Engineering was the most active in terms of volume while Al Anwar Holding led in terms of turnover. The top gainer was United Finance, up 2.31 per cent while Oman Fisheries was the top loser, down 8.00 per cent.
A total number of 837 trades were executed on Monday, generating turnover of OMR2.28 million with 14.7 million shares changing hands. Out of 46 traded securities, three advanced, 33 declined and 10 remained unchanged. At the session close, GCC & Arab investors were net buyers for OMR122,000 followed by Foreign Investors for OMR109,000 while Omani Investors switched to net sellers for OMR231,000 worth of shares.
Financial Index had strong loss of 2.12 per cent to close at 7,170.78 points. United Finance, up 2.31 per cent was the only sector gainer. Gulf Investment Services, Al Sharqia Investments, Al Madina Takaful, Al Madina Investments and Global Financial Investment declined 6.92 per cent, 5.88 per cent, 5.41 per cent, 4.84 per cent and 4.58 per cent respectively.
Industrial Index ended negatively at 6,898.68 points, down 0.78 per cent. Oman Fisheries, Galfar Engineering, Al Hassan Engineering, Al Jazeera Steel and Gulf International Chemicals declined 8.00 per cent, 5.38 per cent, 3.80 per cent, 3.51 per cent and 2.96 per cent respectively.
Services Index declined 1.04 per cent to end the session at 3,162.20 points. Al Batinah Power and Al Suwadi Power gained 1.93 per cent and 1.42 per cent respectively. Al Jazeera Services, Renaissance Services, Sembcorp Salalah, Port Services and National Gas lost 5.66 per cent, 5.15 per cent, 3.45 per cent, 3.10 per cent and 3.07 per cent respectively
Saudi stocks drop
Saudi Arabian stocks led declines across most Gulf Arab equity markets as investors await the outcome of a gathering of major oil producing nations in Doha.
The Tadawul All Share Index dropped 1.5 per cent, the most in two weeks. Dubai’s DFM General Index lost 0.7 per cent as the Bloomberg GCC 200 Index, which tracks the largest and most liquid shares across the six-nation Gulf Cooperation Council (GCC), retreated 0.8 per cent. Abu Dhabi’s ADX General Index extended gains a seventh day, adding 0.5 per cent.
At least 16 nations representing about half the world’s oil output, including Saudi Arabia and Russia, are gathering on Sunday in the Qatari capital to discuss limiting production in a bid to shore up prices. Equities in the GCC are tied closely to the price of oil, which generates the bulk of government revenue in the region.
“Investors are apprehensive about taking new positions before the results of the meeting,” said Nabil Farhat, an Abu Dhabi-based partner at Al Fajr Securities. “We might see a spike in prices in either direction depending on the results of the meeting."
Brent crude, a benchmark for half the world’s oil, has dropped three days in the lead up to the meeting, and closed last week at $43.10 per barrel.
Saudi slides
Saudi stocks were led lower by Jabal Omar Development, which slid 2.8 per cent. Saudi Basic Industries Corp., one of the world’s biggest petrochemicals manufacturers, fell 1.2 per cent after a fire at a plant owned by one of its units. The blaze killed 12 and injured 11, Al Sharq newspaper reported, citing unidentified people.
Banque Saudi Fransi declined 3.3 per cent, even after the bank reported a 2.7 per cent increase in first-quarter profit, beating analysts’ estimates. National Bank of Abu Dhabi’s brokerage unit cut the lender to hold from accumulate.
Saudi Kayan Petrochemical Co. climbed 1.9 per cent, the most in a month, after reporting a narrower than expected loss in the first quarter. About 53 million shares traded, or almost three-times the three-month average.
About 328 million shares traded in the kingdom, 18 per cent above the 20-day intraday average.
Dubai overbought
Dubai’s benchmark measure has gained 12 per cent this year, sending its relative-strength index to 71 on Thursday, above the level of 70 that signals to some analysts a security may be overbought. It closed at 67.
Shuaa Capital, an investment company based in the emirate, surged 9.7 per cent after five days declining, pushing the share’s 14-day RSI to 71.
Abu Dhabi’s gauge posted the longest winning streak in more than a month as trading volumes jumped to 46 per cent above the 20-day average. More than half of those shares, 95 million, were in Dana Gas, which advanced 3.6 per cent. The shares have gained 12 per cent this month as the company said it’s receiving payments in Iraq and after reports its partner and main shareholder is in talks to start receiving gas from Iran.
Kuwait strike
Kuwait’s SE Price Index added 0.3 per cent, even as about 40 per cent of oil workers in the country went on strike, CNBC Arabia reported, citing the head of the country’s oil workers union. Kuwait’s crude production tumbled by 60 per cent and its refineries scaled back operations.
Qatar’s QE Index lost 0.5 per cent and Bahrain’s BB All Share Index was little changed.
