Gulf markets headed up with Abu Dhabi leading from the front, again taking their upbeat sentiments from global markets and encouraging economic news from the US.
Saudi Arabia s benchmark index closed Tuesday 0.2 per cent higher at 9,989 points. Advanced Petrochemical jumped 4.2 per cent after its first-quarter profits soared by more than 64 per cent to SR171 million, while there was an 18 per cent rise in sales to SR632 million. The firm attributed the higher top- and bottom-line to a 36 per cent increase in polypropylene sales prices coupled with a surge in share of profit from an investment in South Korean venture SK Advanced.
MSM index ends marginally higher
By: United Securities
Muscat: The MSM index closed at 3,606.12 points, up 0.08 per cent from previous close. The Sharia Index ended up 0.48 per cent at 536.71 points. Omanya F.B 2020 Insurance, up 38.00 per cent, was the top gainer, while Al Oula Company, down 50.00 per cent, was the top loser. Shares of Al Madina Investment was the most active in terms of number of shares traded and Bank Muscat was the most active in terms of turnover.
A total number of 484 trades were executed during the day s trading session, generating turnover of OMR1.25 million, with more than 10.7 million shares changing hands. Out of 42 traded stocks, 16 advanced, 7 declined and 19 remained unchanged. At the session close, local investors were net sellers for OMR340,000 while GCC & Arab investors were net buyers for OMR300,000 followed by foreign investors for OMR40,000 worth of shares.