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MUSCAT — The MSM gained ground on Monday as the broad based rally in equities continued. The General Index gained 0.7 per cent to close at 308.56, a multi-year  Join our daily free Newsletter

MENAFN - Times of Oman - 12/05/2004

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MUSCAT — The MSM gained ground on Monday as the broad based rally in equities continued. The General Index gained 0.7 per cent to close at 308.56, a multi-year high. Industrials powered ahead by 1.64 per cent, the index closing at 247.93. Banks were also strong, up 0.7 per cent to 414.3. Only Services were subdued, the index dipping by a minor 0.1 per cent on weakness in both port companies. Market internals continued to stay well in the positive zone. Advances beat declines by a handsome 2.2:1 ratio. Breadth opened up with 50 companies seeing their shares featuring in trading action. Volumes went past the RO4.1 million mark. The five most active stocks by value accounted for 46 per cent of total trade. In a testament of the trading breadth, as many as 22 counters (44 per cent of traded stocks) saw trade worth over RO50,000 in the session. Bank Dhofar was the most active by value. 200,000 shares of the bank were crossed, at an unchanged price of RO3.4. Among other banks, Alliance Housing Bank featured amongst the top gainers, rising 3.1 per cent to close at RO2.33. The stock gained ground steadily during the day with late offers and trades noted at RO2.38, a 52 week high. BankMuscat and OIB were also among the gainers, moving up by 1 per cent each to RO2.72, and RO5.51, respectively. Only NBO failed to hold its ground, slipping 20 baisa to RO2.76. Cement stocks continued to capture investor fancy. Raysut Cement was the top gainer, rising by a massive 220 baisa (5.6 per cent) to close at RO4.16, after hitting a 52-week high of RO4.24 intraday. Oman Cements also breached the RO4.0 mark, touching a 52-week high of RO4.15 before closing at RO4.08, with late bids seen as high as RO4.13. Interesting moves were seen in the financial services sector. Muscat Finance (up 2.9 per cent) made a foray into the top gainers, closing at a 52 week high of RO3.55 on a single trade of 500 shares. While UFC and NFC also moved up, peers Al Omaniya Financial Services and Oman Orix Leasing, on the contrary, ended on the losers list. Al Omaniya shedding 2.5 per cent to RO2.70 and OOL losing 2.8 per cent to close at RO1.73.

— BankMuscat


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