12 March 2016
Muscat - Along with regional markets, the Muscat Securities Market witnessed a dismal performance last week.
Heavy selling was witnessed in the financials pulling the benchmark MSM30 Index down to at 5,290.74 points. While foreign and GCC investors emerged as net sellers to an extent of RO 281,000 and RO 118,000 respectively, Omani investors were net buyers to an extent of RO 381,000, on the last day of trading on Thursday. A total of 15.902 million shares got traded during the day amounting to aggregate turnover of RO 3.108 million. The MSM Shariah Index closed 3 points down for the day.
"Negative sentiments along with continued profit booking and relatively low market participation led to the market drop", said an analyst with a brokerage company. He said that the local bourse may see dividend related correction as companies are expected to hold their annual general meetings in the coming weeks. "Institutional buying is expected to prevail in fundamentally strong names looking at medium-term", he added.
The MSM30 Index market capitalization as at the end of trading in last week stood at RO 5.949 billion. The financial Index was the biggest loser last week. The Index shed 58 points on the last day, while the Industrial Index ended the day down by 9 points and Services Index closed 14 points lower.
Bank Sohar was the most active in terms of volume while Bank Muscat led in turnover. The top gainer was Muscat Finance, up 1.56 per cent while Ahli Bank, down 3.93 per cent was top loser.
In the region, Saudi Arabia fell back 0.3 per cent as the petrochemical and retail sectors dragged the market lower. The index had rallied 14 per cent since mid-February, buoyed by a belief that oil prices have bottomed out.
Investors' selling of sectors vulnerable to downturns in the global and domestic economies may indicate investors are focusing on earnings outlooks once more, rather than oil.
Abu Dhabi's largest listed stock by market value, Eisalat, tumbled 4.0 per cent as the market reopened after being closed on Wednesday because of poor weather.
Other market heavyweights also fell back, with First Gulf Bank retreating 1.9 per cent and Union National Bank, which went ex-dividend on Wednesday, tumbling 7.0 per cent. The index dropped 1.9 per cent.
In Dubai, the index dropped 0.7 per cent; it is now up 6.5 per cent in 2016. Dubai Islamic Bank tumbled 6.6 per cent as it went ex-dividend. National Central Cooling (Tabreed), which also went ex-dividend, fell 3.4 per cent.
Qatar's main index added 0.1 per cent in modest volume with most trades concentrated in the real estate sector. Ezdan Holding added 1.0 per cent but Barwa Real Estate pulled back 0.8 per cent.
The only market to gain last week was Cairo which added 3.0 per cent in this year's heaviest trading volume.
The index 'broke above the February peak this week has left it technically bullish.
Muscat - Along with regional markets, the Muscat Securities Market witnessed a dismal performance last week.
Heavy selling was witnessed in the financials pulling the benchmark MSM30 Index down to at 5,290.74 points. While foreign and GCC investors emerged as net sellers to an extent of RO 281,000 and RO 118,000 respectively, Omani investors were net buyers to an extent of RO 381,000, on the last day of trading on Thursday. A total of 15.902 million shares got traded during the day amounting to aggregate turnover of RO 3.108 million. The MSM Shariah Index closed 3 points down for the day.
"Negative sentiments along with continued profit booking and relatively low market participation led to the market drop", said an analyst with a brokerage company. He said that the local bourse may see dividend related correction as companies are expected to hold their annual general meetings in the coming weeks. "Institutional buying is expected to prevail in fundamentally strong names looking at medium-term", he added.
The MSM30 Index market capitalization as at the end of trading in last week stood at RO 5.949 billion. The financial Index was the biggest loser last week. The Index shed 58 points on the last day, while the Industrial Index ended the day down by 9 points and Services Index closed 14 points lower.
Bank Sohar was the most active in terms of volume while Bank Muscat led in turnover. The top gainer was Muscat Finance, up 1.56 per cent while Ahli Bank, down 3.93 per cent was top loser.
In the region, Saudi Arabia fell back 0.3 per cent as the petrochemical and retail sectors dragged the market lower. The index had rallied 14 per cent since mid-February, buoyed by a belief that oil prices have bottomed out.
Investors' selling of sectors vulnerable to downturns in the global and domestic economies may indicate investors are focusing on earnings outlooks once more, rather than oil.
Abu Dhabi's largest listed stock by market value, Eisalat, tumbled 4.0 per cent as the market reopened after being closed on Wednesday because of poor weather.
Other market heavyweights also fell back, with First Gulf Bank retreating 1.9 per cent and Union National Bank, which went ex-dividend on Wednesday, tumbling 7.0 per cent. The index dropped 1.9 per cent.
In Dubai, the index dropped 0.7 per cent; it is now up 6.5 per cent in 2016. Dubai Islamic Bank tumbled 6.6 per cent as it went ex-dividend. National Central Cooling (Tabreed), which also went ex-dividend, fell 3.4 per cent.
Qatar's main index added 0.1 per cent in modest volume with most trades concentrated in the real estate sector. Ezdan Holding added 1.0 per cent but Barwa Real Estate pulled back 0.8 per cent.
The only market to gain last week was Cairo which added 3.0 per cent in this year's heaviest trading volume.
The index 'broke above the February peak this week has left it technically bullish.
© Oman Daily Observer 2016
