MSM30 INDEX GAINS AS CRUDE FANS GULF RALLY

MUSCAT: The MSM30 gained 0.26 per cent on Sunday after Brent crude had its biggest two-day advance since 2009, stoking optimism oil revenue in Gulf nations will rise.

The local bourse registered a total turnover of RO8.28mn, with Al Anwar Holdings contributing nearly half, against 32.09mn in volumes. Market breadth was positive with 25 stocks gaining to eight losers, while ten remained unchanged.

Saudi Arabia gained the most among regional markets. The Tadawul all share index in the world’s biggest oil exporter rose two per cent to 9,442.43 at 2:31pm in Riyadh, the highest since November 24.

On the MSM, Gulf International Chemicals reported initial unaudited results, posting a 57 per cent increase in annual net profit.

The Financial and Services indices posted gains of 0.54 per cent and 0.16 per cent, respectively, while the Industrial index closed down by 0.19 per cent. The Shariah Index gained 0.62% to close at 997.86.

Top gainers included Gulf International Chemicals, Al Anwar Ceramic Tiles, Al Sharqia Investment Holding and ONIC Holding, while top losers included Galfar Engineering, National Gas and alizz islamic bank.

Among other regional markets, Abu Dhabi’s ADX general index and Dubai’s DFM general index both jumped 1.5 per cent to close at the strongest levels since December 7 and December 28 respectively. Qatar’s QE index rose 0.7 per cent.

SOURCE: Muscat Daily