MSM index falls again [Times of Oman]

Muscat: The MSM30 index closes down by 0.68 per cent amid low trading activity at 5496.47 points. Bank Nizwa was the most active in terms of volume while BankMuscat was the most active in terms of turnover. National Bank of Oman was the top gainer for the day and closed up by 1.05 per cent while Financial Services was the top loser for the day and was down by 6.67 per cent.

A total number of 793 trades were executed in today's trading session generating turnover of RO1.69 million with over 8.51 million shares changing hands. Out of 43 traded stocks, six advanced, 30 declined, and seven remained unchanged. At the session close, foreign investors were net buyers for RO115,000 while GCC & Arab investors switched to net sellers for RO87,000 followed by Omani investors for RO28000 worth of shares.

Financial Sector Index was down by 1.05 per cent and closed at 6044.19 points. National Bank of Oman and Al Anwar Holding increased by 1.05 per cent and 0.95 per cent respectively. Financial Services, Oman & Emirates, Gulf Investment, Ahli Bank and DBIH declined by 6.67 per cent, 4.51 per cent, 4.29 per cent, 3.38 per cent and 3.13 per cent respectively.

The Industrial Sector Index was down by 0.35 per cent and closed at 6593.28 points. Al Anwar Ceramic was the only gainer and was up by 0.28 per cent to close at RO0.365. Al Hassan Engineering, Construction Material Industries, Dhofar Cattlefeed, Voltamp Energy and Jazeera Steel Product declined by 2.55 per cent, 2.04 per cent, 1.48 per cent, 1.48 per cent and1.08 per centrespectively.

Services Sector Index was down by 0.48 per cent to close at 2586.36 points. Oman Telecom and Al Maha Marketing increased by 0.38 per cent and 0.01 per centrespectively. Al Hassan Engineering, Construction Material Industries, Dhofar Cattlefeed, Voltamp Energy and Jazeera Steel Product declined by 2.55 per cent, 2.04 per cent, 1.48 per cent, 1.48 per cent and 1.08 per cent respectively.

Dubai shares fall Dubai's benchmark stock index fell to the lowest in more than a week as oil prices dropped after trade data signaled that growth in China, the world's second-biggest economy, is slowing.

Dubai Investments, which owns stakes in 40 businesses, declined to the lowest level this month. Shuaa Capital, a Dubai-based investment bank, closed at the lowest since February. The DFM General Index lost 0.2 per cent to 1,488.39, the lowest since July 2, at the 2pm close in Dubai. Royal Bank of Scotland Group, Commerzbank and Standard Bank Group abandoned talks with Dubai Group to restructure $10 billion of debt after failing to reach an agreement, two people familiar with the matter said.

"There is pressure from global markets and regional markets," said Chahir Hosni, equity sales manager at EFG-Hermes Holding in Dubai. "Sentiment is not that great."

The Bloomberg GCC 200 Index fell 0.2 per cent at 2:05pm in Dubai and Saudi Arabia's Tadawul All Share Index lost 0.4 per cent. Oil prices, the main source of government revenue in the six-nation Gulf Cooperation Council, dropped for a third time in four days, declining as much as 1.6 per cent to $84.62 a barrel. China's stocks fell, dragging the benchmark index down to a six-month low, after a government report showed imports rose less than anticipated in June while export growth slowed.

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