Bank stocks aid Oman's share index recovery

Muscat: Driven by sharp rebound in banking stocks, the MSM30 Index posted a gain of 0.87 per cent to close at 5,709.03 points. The MSM Sharia Index ended at 862.67 points, up by 0.78 per cent. Galfar Engineering was the most active in terms of volume, while Al Anwar Holding led in terms of turnover. Galfar Engineering was the top gainer on Tuesday, up by 7.95 per cent while Al Jazeera Services was the top loser, down by 1.20 per cent.
As many as1,165 trades were executed on Tuesday, generating turnover of OMR3.87 million with 25.6 million shares changing hands. Out of 45 traded securities, 27 advanced, three declined and 15 remained unchanged. Foreign Investors were net buyers for OMR214,000 while GCC and Arab investors were net sellers for OMR123,000 worth of shares followed by Omani investors for OMR91,000.
Financial Index recovered strongly to end at 7,276.32 points, up by 1.47 per cent. Al Madina Investments, Bank Nizwa, Bank Sohar, Al Madina Takaful and Gulf Investment Services advanced by 6.78 per cent, 5.56 per cent, 5.13 per cent, 4.29 per cent and 4.13 per cent, respectively.
Industrial Index advanced by 0.99 per cent to close at 6,966.95 points. Galfar Engineering, Al Hassan Engineering, Al Jazeera Steel, Oman Cement and Gulf International Chemicals increased by 7.95 per cent, 6.58 per cent, 4.24 per cent, 1.67 per cent and 1.53 per cent, respectively.
Services Index closed at 3,171.92 points, up by 0.31 per cent. Renaissance Services, Port Services, Ooredoo Oman, Phoenix Power and National Gas gained by 4.07 per cent, 1.37 per cent, 1.10 per cent, 0.67 per cent and 0.63 per cent, respectively. Al Jazeera Services, Sembcorp Salalah and Oman Telecommunications Company lost 1.20 per cent, 1.19 per cent and 0.63 per cent, respectively.