Oman- Financials oil weigh down MSM30 index

11/2/2015 2:48:08 PM

(MENAFN- Muscat Daily) Muscat-

The MSM30 index closed down 0.16 per cent to 5938.57 on Monday amid muted trading activity with a total of RO2.1mn worth shares traded on the day.

Crude declined for the first time in four days as a measure of manufacturing activity signaled contraction for a third straight month in China the world's second-biggest oil consumer.

The Financial sub-index reversed course to fall 0.40 per cent. The Services and Industrial indexes inched down 0.06 per cent and 0.03 per cent respectively. The MSM Shariah index declined 0.17 per cent to 910.52. Market breadth was negative as nine companies closed in the red against three gainers while 19 securities remained unchanged.

Al Anwar Holdings (+7.33 per cent) Gulf Investment Services (+1.06 per cent) and Oman Hotels and Tourism (+0.87 percent) were the only gainers. HSBC Bank Oman (-2.52 per cent) and Al Madina Takaful (-2.33 per cent) were amongst the top laggards for the day.

Crude futures retreated as much as 0.9 per cent in New York after advancing 4.5 per cent last week. Iran will officially inform other OPEC members of its plans to raise crude production at the group's December 4 meeting Oil Minister Bijan Namdar Zanganeh said in an interview with the Mehr news agency.

Oil failed to sustain a rally above US$50 a barrel in October amid signs a global glut will be prolonged as rising US stockpiles keep supplies more than 100mn barrels above the five-year seasonal average. The Organization of Petroleum Exporting Countries continues to pump crude at a faster pace than the limit the group has set for itself with production near the highest level since 2008.

West Texas Intermediate for December delivery lost as much as 43 cents to US$46.16 a barrel on the New York Mercantile Exchange and was at US$46.32 at 10:19am Singapore time. The contract gained 53 cents to US$46.59 on Friday the highest close since October 16.

Brent for December settlement slid 9 cents or 0.2 per cent to US$49.47 a barrel on the London-based ICE Futures Europe exchange.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.