The MSM-30 index rose 0.200 per cent yesterday after five straight days of decline to close at 5,612 points. Total shares traded jumped 17.4 per cent to 23.071 million shares against 18.792 million shares traded the previous day. However, the total value traded declined by 2.7 per cent, from RO8.557 million to RO8.328 million.
Foreigner investors continued buying as they bought shares worth RO1.95 million, 23.4 per cent in the total turnover. Foreign investors have been net buyers on MSM for the past two months with a combined purchase of RO29.74 million to-date. The highest seven scrips in the top-10 volume leaders were gainers indicating a bias towards the buy side of the market.
The Industry sector was the biggest gainer yesterday which closed 1.01 per cent lower to close at 6,293 points. The Services & Insurance sector closed higher at 0.45 per cent to 2,427 points. However, the Banking & Investment sector decreased 0.700 per cent to 7,647 points.
Market breadth was positive with 32 advances and 13 declines out of 50 traded securities. The top two gainers were: Muscat Gases (6.38 per cent) and Muscat National Holding (5.77 per cent) to close at RO0.500 and RO2.200, respectively. The top two losers were: National Securities (-3.67 per cent) and Oman Oil Marketing (-3.54 per cent) to close at RO0.105 and RO0.926, respectively. The top two by volume traded were: Al Jazeira Services (5.2 million shares) and Oman & Emirates Inv. (OM) (2.2 million shares). The top two by value traded were: Omantel (RO1.9 million) and BankMuscat (RO1 million).
Gulf indices up
Abu Dhabi shares led an advance in Gulf markets as oil traded near an eight-month high, boosting investor sentiment in the region. Qatar’s benchmark index posted its best quarter since 2005.
Crude is set for the biggest quarterly gain since 1990 and climbed as high as $73.38 a barrel, buoyed by optimism that the worst of the global economic recession is easing. “Oil prices have been a big boost to us as have the market rallies in the US and Europe,” Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank wrote in an e-mail.