Sunday 10 / November / 2024
Muscat: Local selling in a tepid market led to the MSM30 closing unchanged at 4,981.58 points. The MSM Sharia index declined 0.23 per cent to close at 814.09 points. Al Anwar Holding was the most active in terms of volume while Omantel led in traded value.
The top gainer was Gulf Investment Services, up 9.46 per cent while top loser was Al Jazeera Services, down 6.67 per cent.
As many as 936 trades were executed on Tuesday, generating turnover of OMR2.88 million with 12.9 million shares changing hands.
Out of 36 traded securities, 14 advanced, nine declined and 13 remained unchanged. GCC and Arab investors were net buyers for OMR334,000 while Omani Investors were net sellers for OMR235,000 followed by Foreign Investors for OMR99,000 worth of shares.
Financial Index advanced 0.95 per cent to close at 5,947.15 points. Gulf Investment Services, Al Anwar Holding, Bank Nizwa, Al Sharqia Investments and Oman United Insurance gained 9.46 per cent, 4.17 per cent, 3.13 per cent, 2.50 per cent and 1.15 per cent respectively.
Industrial Index retreated 0.10 per cent to close at 6,488.37 points. Oman Fisheries, Galfar Engineering and Oman Cements advanced 4.35 per cent, 1.82 per cent and 0.44 per cent respectively. Raysut Cement and Al Maha Ceramics declined 2.06 per cent and 0.58 per cent respectively.
Services Index ended negatively at 2,848.33 points, down 0.57 per cent. Sharqiyah Desalination, OIFC, Phoenix Power and Sembcorp Salalah gained 1.96 per cent, 1.19 per cent, 0.77 per cent and 0.21 per cent respectively. Al Jazeera Services, Renaissance Services, Ooredoo, United Power and Al Suwadi Power decreased 6.67 per cent, 3.17 per cent, 2.55 per cent, 1.35 per cent and 0.53 per cent respectively.
Qatar stocks surge
Qatari stocks surged the most in more than a year as investors saw attractive valuations after this week’s selloff, spurring advances across most equity markets in the Gulf.
Qatar’s QE Index jumped 5.5 per cent in its first increase in nine days, and was the best performer among more than 90 gauges tracked by Bloomberg. Dubai’s DFM General Index rose the most in five months as Emaar Properties gained the most since April. The Bloomberg GCC 200 Index, which tracks the region’s biggest and most liquid companies, added the most since August.
“The valuations are so depressed it doesn’t make sense to sell, especially now when dividend distribution is close," said Nabil Farhat, an Abu Dhabi-based partner at Al Fajr Securities.
The BGCC 200 was trading this week at its biggest discount to emerging-market peers in five years after sanctions that crippled Iran’s economy were lifted, paving the way for increased oil exports from the Opec producer amid a global glut. Brent crude, a pricing benchmark for more than half the world’s oil, dipped below $28 a barrel on Monday amid a decline that’s pressured government finances across the six-nation Gulf Cooperation Council (GCC). The region accounts for about 30 per cent of the world’s proven crude reserves.
Bahrain slump
The Mideast rally is part of a rebound across emerging markets. Brent rose to $29.69 a barrel at 3:35pm in Riyadh, poised for only the second gain this year, even after the International Energy Agency said global oil markets could “drown in oversupply.” In China, speculation of further government stimulus grew as the country’s economic expansion slowed to the weakest level since the 2009 recession.
Ezdan Holding Group led gains in Qatar as it added 7.4 per cent, the company’s biggest jump since August. Islamic lender Masraf Al Rayan and Qatar Islamic Bank rose 9.7 per cent and 9.6 per cent, respectively.
Saudi Arabia’s Tadawul All Share Index climbed four per cent, the most since August. Kuwait’s benchmark measure increased for the first time in 12 days. Abu Dhabi stocks added 2.5 per cent, the most in almost five months.
Bahrain’s BB All Share Index bucked regional gains, sliding the most since April to the lowest level since May 2013. The gauge’s 14-day relative-strength index was the only one in the GCC not to drop below 30 on Sunday, a sign to some investors measures across the Gulf were oversold. Bahrain’s RSI closed at 29.5.
