MSM rally continues [Times of Oman]
(Times of Oman Via Acquire Media NewsEdge) Muscat: Following global and regional cues, the MSM30 Index ended on a positive note to close at 6226.28 points, up by 0.56 per cent yesterday. Transgulf Holding was the most active in terms of volume as well as turnover. Transgulf Holding remained as the top gainer for the day to close up by 5.59 per cent, while National Securities was the top loser for the day and closed down by 4.35 per cent.
A total number of 2197 trades were executed in yesterday's trading session generating turnover of OMR10.085 million with over 37.89 million shares traded. Out of 51 traded stocks, 14 advanced, 21 declined and 16 remained unchanged.
GCC and Arab switched to net buyers for OMR46,000 while foreign investors switched to net sellers for OMR29,000 followed by Omani investors for OMR17,000 worth of shares. Financial Sector Index was up by 0.51 per cent and closed at 7522.96 points.
Transgulf Holding, ONIC Holding, Al Anwar Holding, Bank Nizwa and National Bank of Oman increased by 5.59 per cent, 3.73 per cent, 1.06 per cent, 0.92 per cent and 0.75 per cent, respectively. National Securities, DBIH, Al Sharqia Investment , Dhofar Insurance and United Finance declined by 4.35 per cent, 3.33 per cent, 1.58 per cent and 1.30 per cent, respectively.
The Industrial Sector Index closed at 9049.30 points, up by 0.63 per cent Raysut Cement, Oman Cement, Galfar Engineering and Oman Cable declined by 3.68 per cent, 2.97 per cent, 0.27 per cent and 0.06 per cent, respectively. Oman Fisheries, Construction Material Industries, Gulf International Chemicals, Al Hassan Engineering, National Aluminium Products and Al Anwar Ceramic Tiles declined by 1.72 per cent, 1.49 per cent, 0.59 per cent, 0.53 per cent, 0.31 per cent and 0.23 per cent, respectively. Services Sector Index was marginally down by 0.08 per cent and closed at 3156.79 points. Sohar Power and Al Maha Marketing increased by 0.79 per cent and 0.25 per cent, respectively. ACWA Power BArka, Nawras, Al Jazeira Services and Oman Telecommunications Company declined by 1.53 per cent, 0.41 per cent, 0.23 per cent and 0.14 per cent, respectively.Arabtec shares jump
Arabtec Holding, the company building the Abu Dhabi branch of the Louvre, jumped the most in more than a year. The stock surged 9.9 per cent, the biggest gain since April 2012, to close at Dh2.33 in Dubai, bringing the advance this year to 4 percent. About 81.9 million shares traded, or 6.2 times the three-month daily average, making the company the most-actively traded stock in Dubai's benchmark index.
UAE construction projects are picking up, with Arabtec winning contracts to build the museum, an airport terminal in Abu Dhabi and this week a Dh243 million ($66 million) deal from Emaar Properties. Shares of the developer of the world's tallest tower have gained 46 per cent this year. Goldman Sachs in a note to investors on Tuesday gave a 12-month price estimates for Arabtec of Dh2.57, down from a previous projection of Dh2.91 dirham, while maintaining its neutral recommendation.
Arabtec "has been winning new contracts lately, and the stock got a boost from Goldman Sachs," said Nabil Farhat, a partner at Al Fajer Securities. "A technical rebound is overdue."
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