10/12/2014 05:37 AST
Negative sentiment in the markets due to renewed slump in oil prices pushed down the MSM30 index which closed at 6,102.45 points, down by 3.26 per cent. MSM Sharia Index declined by 2.37 per cent to close at 952.25 points.
Al Anwar Holding was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. There were no gainers on Tuesday and ONIC Holding, down by 9.66 per cent, was the top loser of the day.
A total number of 1,646 trades were executed during the day's trading session generating turnover of OMR9.1 million with more than 26.9 million shares changing hands. Out of 56 traded stocks, none advanced, 42 declined and 14 remained unchanged.
At the session close, Omani investors remained net buyers for OMR2.03 million while GCC & Arab investors were net sellers for OMR1.6 million followed by foreign investors for OMR432,000 worth of shares.
Financial index falls
The financial Index declined sharply by 3.42 per cent to close at 7,388.69 points. ONIC Holding, Al Batinah Development, Al Sharqia Investments, Gulf Investment Services and Oman & Emirates Holding decreased by 9.66 per cent, 9.40 per cent, 9.33 per cent, 9.30 per cent and 8.97 per cent respectively.
Industrial Index was the worst performing sub index on Tuesday and closed at 8,609.32 points, down by 3.57 per cent. Voltamp Energy, Galfar Engineering Oman Cements, National Aluminium Products and Al Anwar Ceramics decreased by 9.13 per cent, 8.45 per cent, 7.72 per cent, 7.19 per cent and 5.84 per cent respectively.
Services Sector Index ended the day at 3,456.08 points, down by 1.83 per cent. Al Jazeera Services, OIFC, Renaissance Services, Ooredoo and Sohar Power declined by 8.33 per cent, 6.03 per cent, 5.00 per cent, 3.85 per cent and 2.70 per cent respectively.
Dubai shares fall
Dubai's benchmark stock index plunged to the lowest close since February, tracking declines in global equities as oil prolonged its slide.
The DFM General Index retreated 3.5 per cent to 3,888.79, its lowest close since February 5 and the longest losing streak since 2012. The Abu Dhabi ADX General Index slumped 2.4 per cent, Qatar's QE Index lost 2.3 per cent and Saudi Arabia's Tadawul All Share Index fell 2.5 per cent by 2:13pm in Riyadh. Emerging-market stocks declined for a third day led by energy companies.
"Weaker oil has put a dark cloud on the Gulf Cooperation Council markets," Ahmed Shehada, head of advisory and institutions at NBAD Securities in Abu Dhabi, said by e-mail.
"While there is no reason for the impact to be so strong, foreign outflows have further stimulated this drop."
The slump in crude prices has prompted investor flight across the oil-producing Gulf, with Saudi Arabia's gauge falling into a bear market on November 30 and that of Dubai entering one on Monday.
Brent, the benchmark for more than half the world's oil, traded at $66.37 a barrel after sliding on Monday to the lowest level since September 2009.
Times of Oman
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