bank muscat trading pulls down muscat index
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bank Muscat trading pulls down Muscat index

Arab Today, arab today

Arab Today, arab today Bank Muscat trading pulls down Muscat index

Muscat Securities Market
Muscat - Arab Today

Trading in Bank Muscat’s ex-dividend stock weighed on the MSM30 Index, which closed at 5,670.70 points, down by 0.17 per cent. The MSM Sharia Index ended at 850.22 points, up by 0.29 per cent. Al Batinah Power was the most active in terms of volume while Oman Telecommunications Company led in terms of turnover. The top gainer was BankDhofar, up by 1.63 per cent, while Bank Muscat was the top loser, down by 5.71 per cent.

As many as 616 trades were executed on Monday, generating a turnover of OMR4.15 million with 12.78 million shares changing hands. Out of 40 traded securities, 12 advanced, 13 declined and 15 remained unchanged. GCC and Arab investors switched to net buyers of OMR214,000 followed by foreign investors for OMR78,000 while Omani investors were net sellers of OMR292,000 worth of shares. 

Financial Index declined by 0.19 per cent to close at 7,988.77 points. Bank Dhofar, National Bank of Oman, Oman United Insurance and HSBC Bank increased by 1.63 per cent, 1.21 per cent, 0.98 per cent and 0.78 per cent, respectively. Bank Muscat, Al Sharqia Investment, Al Batinah Investment, Al Madina Takaful and Al Anwar Holding declined by 5.71 per cent, 3.25 per cent, 1.16 per cent, 1.04 per cent and 0.50 per cent, respectively.

Industrial Index advanced by 0.22 per cent to finish at 7,894.17 points. Oman Cement, Raysut Cement, Oman Cables and Oman Flour Mills gained by 0.80 per cent, 0.73 per cent, 0.61 per cent and 0.47 per cent, respectively. Gulf International Chemicals and Oman Fisheries declined by 0.68 per cent and 0.56 per cent, respectively.

Services Index closed at 2,982.89 points, down by 0.22 per cent. Oman Telecommunications Company, OIFC, Sembcorp Salalah and Ooredoo gained 1.48 per cent, 0.88 per cent, 0.41 per cent and 0.34 per cent, respectively. Muscat Gases, Al Suwadi Power, Al Batinah Power, Shell Oman Marketing and Phoenix Power declined by 4.78 per cent, 3.16 per cent, 2.67 per cent, 0.74 per cent and 0.70 per cent respectively.

Egypt's CIB

Egypt's largest listed bank CIB said on Monday it had finalised the sale of a near 75 per cent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million).

Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It did not give the value of the deal at the time.

CIB said in a statement on Monday that CI Capital's market value totalled about 950 million pounds and that it had completed the transfer of 74.75 percent of the shares, retaining a minority stake of about 25 per cent.

Shares in CIB were down 1.14 per cent at 1143 GMT.

Mahmoud Atallah, the chief executive of CI Capital, told Reuters a general assembly would be called in the next two weeks to appoint a new board. Market sources have said they expect CIB to eventually offer its remaining shares on the stock exchange.

Atallah said the new board would decide what to do with the remaining shares.

CIB had been seeking buyers for its investment unit since a planned sale to Beltone Financial, agreed in February last year, failed to win regulatory approval.

Beltone Financial is owned by billionaire Naguib Sawiris' Orascom Telecom Media and Technology Holding, which is embroiled in a standoff with Egypt's financial regulator over its shareholding structure.

Sawiris had planned to merge CI Capital with Beltone Financial to create one of Egypt's largest investment firms.

Source :Times Of Oman

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