Weakness continues on Muscat bourse

Muscat: Weakness in equity markets persisted and the MSM30 Index closed at 4,676.49 points, down 0.32 per cent. The MSM Sharia Index declined 0.23 per cent to end at 662.25 points. Omantel was most active in terms of volume as well as turnover. Up 1.69 per cent, OIFC was the top gainer while the top loser was Al Maha Ceramics, down 8.00 per cent.
A total number of 496 trades were executed on Wednesday, generating turnover of OMR1.76 million with 6.28 million shares changing hands. Out of 38 traded securities, 6 advanced, 12 declined and 20 remained unchanged. At the session close, Omani investors were net buyers for OMR440,000 while GCC & Arab Investors remained net sellers for OMR326,000 followed by Foreign Investors for OMR114,000 worth of shares.
Financial Index was stable at 7,268.22 points, down 0.01 per cent. National Life, up 0.60 per cent, was the sole sector gainer. Takaful Oman, Dhofar Insurance, Bank Nizwa, Muscat Finance and Bank Muscat declined 6.47 per cent, 3.03 per cent, 1.15 per cent, 1.00 per cent and 0.53 per cent respectively.
Industrial Sector decreased 0.31 per cent to finish at 6,394.79 points. Oman Flour Mills and Gulf International Chemicals gained 0.53 per cent and 0.50 per cent respectively. Al Maha Ceramics and Al Hassan Engineering declined 8.00 per cent and 0.46 per cent respectively.
Services Index had sharp loss of 0.75 per cent to close at 2,494.38 points. OIFC, Muscat City Desalination and Al Jazeera Services increased 1.69 per cent, 1.43 per cent and 0.62 per cent respectively. Oman National Engineering, Al Batinah Power, Phoenix Power, Omantel and Al Suwadi Power decreased 3.13 per cent, 3.13 per cent, 2.99 per cent, 1.96 per cent and 1.64 per cent respectively.