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MENAFN - Times of Oman - 28/10/2008

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(MENAFN - Times of Oman) The Muscat Securities Market (MSM) lost another 489 points or 7.45 per cent yesterday to close at 6,021 points on extremely negative sentiment. Volumes traded stood at 11.350 million shares with a total value of approximately RO5.448 million.

The market breadth was very weak with no gainers and 40 losers out of 43 traded scrips. All the sectors posted losses. The Banks & Investment index was the biggest loser after declining 8.73 per cent to close at 7,435 points. However, industrial sector and services and insurance sector lost 7.3 per cent and 6.58 per cent to close at 5,561 points and 2,862 points, respectively.

Many scrips ended in limit down due to the lack of buying interest. All AGCC markets closed in the negative territory. Consequent to the steep correction in the stock indices in Oman and UAE due to the crisis in the financial markets of the world, the quoted trading investments held by the parent company and the investment companies in the Oman & Emirates Investment Holding have shown a major reduction (unrealised loss) amounting to RO8.761 million for the group and RO7.796 million for the parent company.

This reduction in value has adversely impacted the overall financial performance and resulted in a net loss of RO8.105 million for the group and RO6.380 million for the parent company for the nine month period ended September 30, 2008. Top losers yesterday were: Al Batna Dev. & Inv. (-10 per cent), Oman Oil Marketing (-9.98 per cent) and Transgulf Holding (- 9.92 per cent). The top two by volume traded were: Al Jazeira Services (1.74 million shares) and Renaissance Services (1.16 million shares).

The top two by value traded were: Omantel (RO0.83 million) and Galfar Engineering (RO0.80 million).

NAV as of October 26, 2008: Oryx Fund-RO1.279, Muscat Fund-RO1.409 and Bank Muscat MSCI Kuwait Fund: (October 2008).

 






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