MUSCAT — There was no decisive action in the MSM index components resulting in the benchmark closing flat. With decent movement in the most liquid stock speculative volumes have been concentrated in OTL.
It moved up 1.28 per cent to close at RO1.58, before touching a high of RO1.60. Gulf Investment Services saw huge volumes yesterday closing 9.3 per cent up at RO2.35 with over 300,000 shares traded at the counter.
Having commissioned one million tonnes of capacity in the first quarter of 2005, Raysut Cement has further decided to increase capacity by 550,000 tonnes. The stock closed flat at RO9.20 with 26,000 shares traded.
The rights issue shares of Cement and Gypsum will be listed for trading in the third market from February 22 to March 7. Sweets of Oman, which declared an EPS of 350 baisas for FY05, gained 9.6 per cent closing at 800 baisas. The stock had moved up 32.7 per cent on Tuesday. Al Batinah Hotels has declared 10 per cent cash dividend. Banking stocks were flat. The market was generally lacklustre. Oryx Fund NAV as of February 21 was RO1.367. — BankMuscat