Oman- Weak trading activity weighs down MSM30

Date

10/17/2016 1:15:23 AM

(MENAFN- Muscat Daily) Muscat-

The MSM30 index fell 0.16 per cent to 5,651.07 on Sunday as trading activity deteriorated from the previous session.

The Industrial gauge fell 1.11 per cent, while the Financial index lost 0.26 per cent. The Services index bucked the trend, adding 0.07 per cent. The MSM Shariah index inched up 0.04 per cent to 863.81.

Market turnover slumped 47 per cent to RO3.93mn while volumes dropped 63.5 per cent to 18.97mn shares traded. Market breadth remained negative as just seven stocks closed higher against 15 decliners, while 13 scrips closed flat for the day.

Top gainers included Bank Nizwa, Takaful Oman and Port Services Corporation which closed up 3.8 per cent, 1.5 per cent and 1.3 per cent respectively. Top laggards included Galfar Engineering, alizz islamic bank and Gulf International Chemicals which closed down 8.7 per cent, 4.6 per cent and 3.7 per cent, respectively.

Saudi Arabian stocks led Gulf markets lower after the nation's biggest publicly traded bank became the latest in a growing list of companies whose earnings missed analysts' forecasts.

The Tadawul all share index lost 1.1 per cent in Riyadh on Sunday, ending the longest rising streak since August. National Commercial Bank, whose third-quarter profit of SAR1.96bn was about SAR360mn shy of the median forecast of four analysts, was the biggest contributor to the drop.

The Bloomberg GCC 200 Index, a measure of the largest and most liquid stocks across the GCC, declined 0.5 per cent as every major equity gauge in the region sank. Dubai's DFM general index dropped one per cent, led by Emaar Properties PJSC's 1.5 per cent slide. Abu Dhabi's ADX general index ended 0.7 per cent lower, Kuwait's SE price index fell 0.4 per cent and Bahrain's all share index lost 0.3 per cent. Qatar's QE index slipped 0.2 per cent.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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