Bullish trend continues
October 17, 2012 | 12:00 AM

Muscat: The MSM30 index continued its rally for the second day in a row to close at 5696.75, up by 0.59 per cent. 

Al Anwar Holding was the most active in terms of volume while, bank muscat was the most active in terms of turnover. Nawras was the top gainer of the day and closed up by 2.31 per cent, while Financial Services was the top loser for the day and closed down by 1.47 per cent. 

A total number of 1418 trades were executed in yesterday's trading session generating turnover of RO4.15 million with over 16.09 million shares traded. Out of 46 traded stocks, 29 advanced, four declined and 13 remained unchanged. Foreign investors were net buyers for RO627,000 while Omani investors were net sellers for RO593,000 followed by GCC and Arab investors for RO34,000 worth of shares. 

Financial Sector Index was up by 0.58 per cent and closed at 6284.15 points. DBIH, Al Anwar Holding, Bank Sohar, Transgulf Holding and Global Financial Investment increased by 1.75 per cent, 1.60 per cent, 1.36 per cent, 1.19 per cent and 1.16 per cent, respectively. Financial Services, DIDIC and Ahli Bank declined by 1.47 per cent, 1.13 per cent and 0.59 per cent, respectively. 

The Industrial Sector Index was up by 0.40 per cent and closed at 7252.09 points. Construction Material Industry, Dhofar Catttlefeed, Gulf International Chemicals, Oman Cable Industry and Oman Fisheiries increased by 1.75 per cent, 1.63 per cent, 1.29 per cent, 1.13 per cent and 0.94 per cent, respectively. Raysut Cement was the only loser in the sector and was down by 0.14 per cent to close at RO1.393. 

Services Sector Index closed at 2818.83 points, up by 0.59 per cent. Nawras, Renaissance Services, OIFC, Sohar Power and Port Service Corp increased by 2.31 per cent, 1.265 per cent, 1.09 per cent, 1.05 per cent and 0.89 per cent, respectively.

Kuwait stocks drop  
Kuwait's shares retreated the most since June after a demonstration by the Gulf nation's opposition movement turned violent and protesters clashed with security forces.

Combined Group Contracting Co., a Kuwaiti construction company, slumped the most in a year. IFA Hotels & Resorts, a hotelier, dropped 7.6 per cent. The Kuwait Stock Exchange Index declined 0.9 per cent, the most since June 24, to 5,945.26 at the close in Kuwait City. The measure has gained 2.3 per cent in 2012, lagging a 22 per cent rally in Dubai's benchmark. 

"The political scene is something that has haunted investors in Kuwait for a while now," said Fadi Al Said, a Dubai-based senior investment manager at ING Investment Management. "The market was a little more concerned this time, because it had a violent twist."

Anti-government protests across the Arab world, which have unseated leaders, failed to gain momentum in the Gulf. Still, a rift between Kuwait's government and opposition has intensified since June, when a court ordered the dissolution of the former parliament. Kuwait's Emir dissolved parliament again on October 7, a move welcomed by the opposition. 

The third dissolution of parliament in less than a year followed a Constitutional Court ruling against a government bid to amend the electoral system. - United Securities/Bloomberg News

Thousands of people assembled outside the parliament building in Kuwait City to protest against what the opposition claimed was an attempt to amend the election law. Processions are illegal in Kuwait without prior permission. No date has been set for the elections, which must be held within two months of parliament being dissolved, according to the constitution.
Combined Group fell 5.8 per cent, the most since October 2011, to 1,300 fils, while IFA Hotels slumped the most since October 9 to 305 fils. 

(Follow tim

Subscribe to our newsletter and be the first to know all the latest news