MSM30 falls 1.24 as oil trades near lowest since 2009

12/9/2015 3:01:23 AM

(MENAFN- Muscat Daily) Muscat-

The Muscat Securities Market (MSM) witnessed a major decline on Tuesday after OPEC's failure to limit oil output amid a global supply glut pushed the Brent crude to the lowest level in almost seven years this week.

The benchmark MSM30 index fell 1.24 per cent to close at 5468.5 points. The selling pressure was mainly created by foreign institutional investors as they fear oil-dependent Gulf economies will face growth challenges due to continuing oil price slump.

Omani and GCC institutions were net buyers on Tuesday. All the sectoral indices were closed in red led by Financial index which fell 1.54 per cent. Industry and Services indices dropped by 0.01 per cent and 0.44 per cent respectively.

MSM Shariah index fell by 0.39 per cent to 868.66 points. However the market activity remained low with volumes and turnover declining 2.1 per cent to 12.45mn securities. Market turnover rose 22.87 per cent to RO3.1mn compared to the previous trading session. Daily market capitalisation of the MSM dropped by 0.57 per cent to RO14.57bn.

Al Jazeera Steel Products (+4.07 per cent) and Global Financial Investment (+3.88 per cent) were the only two gainers on the bourse while Port Services Corporation (-8.22 per cent) Ahlibank (-7.69 per cent) Oman Fisheries (-5.46 per cent) and Bank Sohar (-3.03 per cent) were among top losers on Tuesday.

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