09 May 2004
MUSCAT — Despite recording marginal falls here and there, fundamentally strong shares registered good volumes and handsome gains on the Muscat Securities Market (MSM) for the week ended May 6, 2004.
Technically, since June 2003, undercurrent has been remaining bullish on the MSM on solid fundamentals with comparatively better breadth.
Intelligent investors recognise that “a fair, efficient and competitive marketplace is the foundation for investment, innovation, trade and economic growth.” Both investors and the economy benefit from a marketplace that is fair, efficient and competitive.
Of course, the management of Capital Market Authority, the Muscat Securities Market (MSM) and the Central Bank of Oman are very much aware about such recognition. However, several of our institutions in Oman Inc. including a few banks have miles to go, as they have been very slow in recognising the truth or responding to the truth.
Investors urge institutions to emerge stronger and play a key role in building a marketplace that attracts foreign investments. Competent institutions have been told to remain committed to build a strong market place.
For the market regulators and the stock exchange, the biggest challenge is to encourage companies to progress towards a more advanced measurement of market stability, using internationally practiced systems and procedures, and in fact, a good number of majority shareholders and management still follow a ‘why-should-we-change-attitude’.
Technically speaking, the current index level is ‘genuinely’ comfortable.
“Of course, for the good-to-moderate investor-community, shares are not cheaper now, and in fact, those who burned their fingers in the 1998-99 market collapse, have recovered a good portion of losses. Fi faidaa! Market is zain at 302-304 index level,” market gurus, analysts and investors opined.
The MSM 30-share general index registered a marginal 0.66 per cent fall for the week ended May 6, 2004 at 304.25 points compared with 306.27 points in the previous week ended April 29, 2004.
The current market psychology is focussed mainly on quality services. Investors demand competent services from their brokerages and are not ready to blindly accept those investment recommendations that the brokerages make.
Investors even question researches, as they had experienced the pains of bad researches in the past, especially in a market where most investors overlook good and bad alike, and wait for fresh data.
Sometimes they ignore the good and the bad and their moods take decisions because such investors are not exposed to the volatilities at international markets and are relatively poorly informed about market developments.
The total volume for the week was about 32 per cent lower at RO11.9 million compared with RO17.47 million in the previous week. The total number of trades stood at 4,603 as against 4,063 in the previous week. Securities of 68 companies were traded during the week.
Major news of the week was that the MSM announcement on a new trading system. The exchange is planning to implement a new trading system. The MSM Director-General Ahmed Saleh Al Marhoon said that the stock exchange is evaluating various systems and models of Europe’s Atos Euronext, India’s CMC, SIA Italy, etc. A decision on the model and the services provider, who will supply the new system will, however, be taken only after the stock exchange completes its evaluation process.
Brokerages and the investor-community had congratulated the MSM and reacted very positively to the authorities’ initiative, and opined that a new hi-tech trading system would bring in a technological revolution and a new experience for the local securities market, in general, and for the market participants, in particular.
Top gainers of the week were: Onic Holding; Renaissance Services; Muscat Index Fund; Al Sharqia Investment Holding; Port Services Corporation, United Finance; Al Jazeira Services; Oman Chromite; and Oryx Fund. Top losers were: Topaz Energy & Marine; Muscat Gases; Oman Chlorine; Al Ahlia Detergent; National Finance; Didic Al Batinah Holding; Gulf Hotels; Salalah Flour; and Oman United Insurance.
MUSCAT — Despite recording marginal falls here and there, fundamentally strong shares registered good volumes and handsome gains on the Muscat Securities Market (MSM) for the week ended May 6, 2004.
Technically, since June 2003, undercurrent has been remaining bullish on the MSM on solid fundamentals with comparatively better breadth.
Intelligent investors recognise that “a fair, efficient and competitive marketplace is the foundation for investment, innovation, trade and economic growth.” Both investors and the economy benefit from a marketplace that is fair, efficient and competitive.
Of course, the management of Capital Market Authority, the Muscat Securities Market (MSM) and the Central Bank of Oman are very much aware about such recognition. However, several of our institutions in Oman Inc. including a few banks have miles to go, as they have been very slow in recognising the truth or responding to the truth.
Investors urge institutions to emerge stronger and play a key role in building a marketplace that attracts foreign investments. Competent institutions have been told to remain committed to build a strong market place.
For the market regulators and the stock exchange, the biggest challenge is to encourage companies to progress towards a more advanced measurement of market stability, using internationally practiced systems and procedures, and in fact, a good number of majority shareholders and management still follow a ‘why-should-we-change-attitude’.
Technically speaking, the current index level is ‘genuinely’ comfortable.
“Of course, for the good-to-moderate investor-community, shares are not cheaper now, and in fact, those who burned their fingers in the 1998-99 market collapse, have recovered a good portion of losses. Fi faidaa! Market is zain at 302-304 index level,” market gurus, analysts and investors opined.
The MSM 30-share general index registered a marginal 0.66 per cent fall for the week ended May 6, 2004 at 304.25 points compared with 306.27 points in the previous week ended April 29, 2004.
The current market psychology is focussed mainly on quality services. Investors demand competent services from their brokerages and are not ready to blindly accept those investment recommendations that the brokerages make.
Investors even question researches, as they had experienced the pains of bad researches in the past, especially in a market where most investors overlook good and bad alike, and wait for fresh data.
Sometimes they ignore the good and the bad and their moods take decisions because such investors are not exposed to the volatilities at international markets and are relatively poorly informed about market developments.
The total volume for the week was about 32 per cent lower at RO11.9 million compared with RO17.47 million in the previous week. The total number of trades stood at 4,603 as against 4,063 in the previous week. Securities of 68 companies were traded during the week.
Major news of the week was that the MSM announcement on a new trading system. The exchange is planning to implement a new trading system. The MSM Director-General Ahmed Saleh Al Marhoon said that the stock exchange is evaluating various systems and models of Europe’s Atos Euronext, India’s CMC, SIA Italy, etc. A decision on the model and the services provider, who will supply the new system will, however, be taken only after the stock exchange completes its evaluation process.
Brokerages and the investor-community had congratulated the MSM and reacted very positively to the authorities’ initiative, and opined that a new hi-tech trading system would bring in a technological revolution and a new experience for the local securities market, in general, and for the market participants, in particular.
Top gainers of the week were: Onic Holding; Renaissance Services; Muscat Index Fund; Al Sharqia Investment Holding; Port Services Corporation, United Finance; Al Jazeira Services; Oman Chromite; and Oryx Fund. Top losers were: Topaz Energy & Marine; Muscat Gases; Oman Chlorine; Al Ahlia Detergent; National Finance; Didic Al Batinah Holding; Gulf Hotels; Salalah Flour; and Oman United Insurance.
Palazhi Ashok Kumar
© Times of Oman 2004
