Oman- Oil recovery helps MSM30 extend gains

Date

2/9/2016 7:09:47 AM

(MENAFN- Muscat Daily) Muscat-

Oman's MSM30 index continued on its positive trajectory closing 1.88 per cent higher to reach 5398.47 on Monday.

The benchmark was catapulted by high-yielding stocks as well as the recovery in oil on the back of Saudi-Venezuela talks to stabilise the market.

The Muscat bourse's turnover touched RO7.3mn against 41.6mn shares traded. Market breadth remained positive with 38 companies closing higher against just four laggards.

The Financial sub-index closed up 2.71 per cent. It was followed by the Industrial index which gained 1.45 per cent and the Services gauge which put on 1.03 per cent. The MSM Shariah index closed up 1.4 per cent.

Top gainers included United Power (+9.88 per cent) Al Maha Ceramics (+8.21 per cent) and Oman & Emirates Investment Holding (+7.45 per cent) while top laggards included Dhofar International Development & Investment Holding (-3.54 per cent) and Al Jazeera Steel (-1.88 per cent).

Dubai stocks led gains across most Gulf equities. The DFM general index rose 1.9 per cent to close at the highest level in a month.

The biggest contributor to the move was Emaar Properties the developer of the world's tallest building which gained 3.1 per cent after its mall unit reported a 23 per cent jump in 2015 profit.

Saudi Arabia's Tadawul all share index pared its increase to 0.2 per cent from as much as 1.3 per cent.

Qatar's QE index added 0.8 per cent and Kuwait's SE price index rose 0.1 per cent. Bahrain's BB all share index slid 0.1 per cent while Abu Dhabi's ADX general index was little changed.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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