11 October 2006
MUSCAT -- The MSM index was marginally higher by 9 points, to end the day at 5553. The banking index was the only gainer, as it was up by 33 points, mainly led by Onic Holding and BankMuscat. Onic was one of the top gainers of the day as the stock was up 3.8 per cent. Construction Materials remained the top gainer as the stock gained 7.5 per cent yesterday. Dhofar Cattle Feed, Didic and Transgulf Holding were the rest of the gainers.
Smaller stocks like National Rice Mill, Oman Textile Holdings and Financial Services were among the top losers. Shell Oman Marketing was the biggest loser among the heavy weights as the stock was down by one per cent, due to selling pressure on account of profit booking. BankDhofar saw some brisk volumes as over 0.5 million shares were traded during the day. We expect similar trading patterns for the market ahead of the quarterly results. However, the fundamentals of the market remain strong, as reasonable valuations at 11.6xFY06 earnings, augur well for the long-term. The NAV of Muscat Fund and Oryx fund for Oct. 9, 2006 is 1.331 and 1.385.
MUSCAT -- The MSM index was marginally higher by 9 points, to end the day at 5553. The banking index was the only gainer, as it was up by 33 points, mainly led by Onic Holding and BankMuscat. Onic was one of the top gainers of the day as the stock was up 3.8 per cent. Construction Materials remained the top gainer as the stock gained 7.5 per cent yesterday. Dhofar Cattle Feed, Didic and Transgulf Holding were the rest of the gainers.
Smaller stocks like National Rice Mill, Oman Textile Holdings and Financial Services were among the top losers. Shell Oman Marketing was the biggest loser among the heavy weights as the stock was down by one per cent, due to selling pressure on account of profit booking. BankDhofar saw some brisk volumes as over 0.5 million shares were traded during the day. We expect similar trading patterns for the market ahead of the quarterly results. However, the fundamentals of the market remain strong, as reasonable valuations at 11.6xFY06 earnings, augur well for the long-term. The NAV of Muscat Fund and Oryx fund for Oct. 9, 2006 is 1.331 and 1.385.
© Times of Oman 2006
