Oman stands out among Gulf markets

2/7/2016 12:48:14 PM

(MENAFN- Muscat Daily) Muscat-

With most markets across the Gulf declining following the drop in global equities Oman's MSM30 index went against the grain to post a gain of 1.11 per cent and close Sunday's session at 5298.60.

The Muscat bourse witnessed increased interest from local institutional investors. However profit-booking was seen on selected shares. Volume and turnover fell 1.89 per cent and 24.83 per cent to 27.28mn and RO4.38mn respectively. Out of the 41 traded stocks 27 ended higher while four slipped.

The Financial sub-index led the gains closing up 1.15 per cent at 6572.99 followed by the Services gauge (+0.89 per cent at 2959.29) and the Industrial index (+0.56 per cent at 6551.85).

Top gainers included Port Services Corporation (+8.33 per cent) Oman Fisheries (+7.55 per cent) and Renaissance Services (+7.41 per cent) while top laggards were Al Jazeera Steel (-2.44 per cent) Takaful Oman Insurance (-1.84 per cent) and National Aluminium Products (-1.42 per cent).

The Bloomberg GCC 200 index which tracks some of the region's largest companies slipped 0.8 per cent from the highest level since January 11. The Tadawul all share index was the region's biggest decliner as it retreated 1.3 per cent followed by ADX general index with a 0.9 per cent drop.

Dubai's DFM general index decreased 0.7 per cent the first decline in three days as trading volumes slid to about two- thirds of the 12-month daily average.

Qatar's QE index lost 0.7 per cent led by Industries Qatar the country's biggest petrochemicals company by revenue. It fell 2.8 per cent after reporting a 30 per cent plunge in profit for 2015. Kuwait's SE price index gained 0.2 per cent.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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