Weakness in financial stocks drag Oman index lower

Muscat: Weakness in financial stocks dragged down the MSM30 by 0.33 per cent to close at 5,886.96 points. The MSM Sharia Index ended at 896.89 points, down 0.06 per cent. Bank Muscat was the most active stock in terms of volume as well as turnover. Oman Cement was the day’s top gainer, up 2.55 per cent while the top loser was Construction Materials with a loss of 2.94 per cent.
As many as 644 trades were executed on Tuesday, generating turnover of OMR3.35 million with 13.77 million shares changing hands. Out of 46 traded securities, two advanced, 25 declined and 19 remained unchanged. Omani investors were net buyers for OMR251,000 followed by Foreign investors for OMR136,000 while GCC & Arab investors switched to net sellers for OMR387,000 worth of shares.
Financial Index had a strong loss of 0.80 per cent to close at 7,578.88 points. Bank Nizwa, Bank Sohar, Al Batinah Development, Gulf Investment Services and Al Madina Investments declined 2.56 per cent, 2.30 per cent, 2.04 per cent, 1.57 per cent and 1.56 per cent respectively.
Industrial Index gained 0.11 per cent to end at 7,603.95 points. Oman Cement and Raysut Cement gained 2.55 per cent and 2.1 per cent respectively. Construction Materials, Al Anwar Ceramics, Oman Fisheries, National Aluminium and Galfar Engineering declined 2.94 per cent, 1.78 per cent, 1.54 per cent, 0.97 per cent and 0.94 per cent respectively.
Services Index closed at 3,191.43 points, down 0.30 per cent. Al Batinah Power, Renaissance Services, Al Maha Petroleum, Phoenix Power and Ooredoo declined 1.01 per cent, 0.72 per cent, 0.68 per cent, 0.66 per cent and 0.53 per cent respectively.