Oil recovery supports surge in Muscat shares

Muscat: Dividend announcements in banking stocks lifted the MSM 30 Index to 4,953.98 points, up 0.40 per cent. The MSM Sharia Index closed at 799.59 points, down by 0.30 per cent.
Al Suwadi Power was the most active in terms of volume while Sembcorp Salalah led in terms of turnover. United Finance, up 4.67 per cent, was the top gainer on Wednesday while Construction Materials was the top loser, down 6.90 per cent.
As many as 842 trades were executed on Wednesday, generating turnover of OMR8.49 million with 28.3 million shares changing hands. Out of 44 traded securities, 14 advanced, eight declined and 22 remained unchanged. Omani investors were net buyers to the tune of OMR1.83 million worth of shares, while foreign investors remained net sellers at OMR1.67 million, followed by GCC and Arab investors who sold shares amounting to OMR158,000.
Financial Index advanced 0.68 per cent to close at 5,898 points. United Finance, NBO, Al Anwar Holding, BankDhofar and Bank Muscat gained 4.67 per cent, 3.18 per cent, 2.80 per cent, 1.85 per cent and 1.50 per cent, respectively. Bank Nizwa and Bank Sohar declined 1.59 per cent and 0.81 per cent, respectively.
Industrial Index declined by 0.32 per cent to close at 6,395.57 points. National Aluminium, up 2.49 per cent, was the only gainer. Construction Materials, Oman Cables, Oman Fisheries, Al Anwar Ceramics and Al Jazeera Steel declined by 6.90 per cent, 3.33 per cent, 2.17 per cent, 1.06 per cent and 0.67 per cent, respectively.
Services Index ended the session at 2,848.93 points, up 0.31 per cent. OIFC, Phoenix Power, Sembcorp Salalah, Renaissance Services and Oman Hotels & Tourism gained by 1.83 per cent, 1.50 per cent, 1.24 per cent, 0.88 per cent and 0.42 per cent, respectively. United Power, down by 0.58 per cent, was the sole loser.