Oman- Financials help MSM30 trim loss this year

2/2/2016 2:35:04 AM

(MENAFN- Muscat Daily) Muscat-

Oman's MSM30 index extended its rally on Monday following last month's sell-off adding 0.63 per cent to close the trading session at 5212.07.

The benchmark index trimmed its year-to-date (YTD) loss to 3.59 per cent.

Oil's longest rally this year faltered on signs industrial activity in China is deteriorating and as OPEC pumps a record amount of crude.

Market turnover and volumes however fell 23.69 per cent and 15.77 per cent to RO5.49mn and 32.14mn respectively but remained above the weekly average.

Among the sub-indexes the Financial gauge continued its uptrend posting a daily increase of 1.54 per cent to close at 6434.39. The Industrial index closed up 0.13 per cent at 6538.14 while the Services index ended down 0.54 per cent at 2886.62.

A total of 45 scrips were traded out of which 16 posted gains 17 declined and 12 remained unchanged.

The MSM Shariah index inched down 0.06 per cent to 815.90.

Top gainers on the bourse included Al Hassan Engineering (+6.67 per cent) Al Jazeera Steel (+6.37 per cent) and National Bank of Oman (+5.79 per cent). Port Services Corp (-7.69 per cent) Muscat Finance (-3.85 per cent) and Ahlibank (-3.21 per cent) were among the top laggards

Oman & Emirates Investment Holding Co said the group company incurred a net loss of RO2.75mn in 2015 against a net profit of RO503917 reported for 2014. Its parent's net loss deepened to RO2.17mn from RO1.16mn a year earlier. The stock was up 1.19 per cent at 85bz.

Shares in Abu Dhabi climbed 1.3 per cent while stocks in Egypt lost 1.5 per cent.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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