Banking stocks help MSM index end higher

04/06/2015 08:32 AST

Muscat bourse continued with its gaining momentum, mainly supported by banking stocks. The benchmark MSM30 Index edged up by 0.16 per cent before closing at 6,467.70. The MSM Sharia Index also gained by 0.05 per cent before closing at 997.77 points.

Domestic institutions returned to the buying mode while foreigners favoured to play from the selling side on Wednesday. Al Anwar Holding was the most active stock in terms of volume, while Bank Muscat was the most active in terms of turnover. Gulf International Chemicals was the highest gainer on Wednesday and closed up by 3.98 per cent on news of inclusion into MSM30 Index, while Oman United Insurance, which lost 2 per cent, was the top loser.

As many as 823 trades were executed on Wednesday, generating a turnover of OMR4.14 million with over 13.22 million shares changing hands. Out of 44 traded securities, 15 advanced, nine declined and 20 remained unchanged. Foreign investors were net sellers for OMR1.31 million worth of shares while domestic investors were net buyers for OMR1.3 million followed by GCC and Arab investors who bought OMR2,000 worth of stocks.

Financial Index closed at 7853.90 points, up by 0.44 per cent. Global Financial, Al Batinah Development, Al Anwar Holding, Bank Nizwa, and National Bank of Oman increased by 3.60 per cent, 3.25 per cent, 2.89 per cent, 2.74 per cent, and 2.53 per cent, respectively. Oman United Insurance, Oman & Emirates Investments, HSBC Bank Oman, Al Madina Investments, and Bank Sohar were down by 2 per cent, 1.75 per cent, 1.47 per cent, 1.25 per cent, and 0.53 per cent, respectively.

Industrial Index closed at 8321.83 points, up by 0.06 per cent. Gulf International Chemicals, Al Hassan Engineering, and Construction Materials were. Prices of National Aluminium and Al Maha Ceramics were down by 1.41 per cent, and 0.38 per cent, respectively.

Services Sector Index was down by 0.01 per cent before closing at 3,495.62 points. Al Batinah Power, Al Suwadi Power, Sharqiya Desalination, and Sembcorp Salalah were up by 3.08 per cent, 1.52 per cent, 0.42 per cent, and 0.40 per cent, respectively.

Renaissance Services was the only stock from the sector, which closed in red, and was down by 0.60 per cent before closing at OMR0.332.

Times of Oman