Oman- MSM30 turns positive as activity picks up

3/1/2016 8:44:42 AM

(MENAFN- Muscat Daily) Muscat-

Oman's benchmark MSM30 index turned positive to close Monday's trading session at 5395.11 up 0.21 per cent from the previous day's close.

Trading activity picked up with RO3.3mn worth of shares traded on the bourse against volumes of 16.2mn. Market breadth however remained neutral with ten shares rising against 12 laggards while 25 remained unchanged.

All the sub-indices closed in positive territory led by the Financial and Industrial gauges which added 0.15 per cent each. The Services index inched up 0.04 per cent The MSM Shariah index ended on a negative note at 835.460 down by 0.12 per cent.

Top gainers on the Muscat bourse included Al Madina Takaful (+4.17 per cent) Ahlibank (+4.12 per cent) and Global Financial Investment (+3.31 per cent). Bank Nizwa (-2.86 per cent) Al Sharqia Investment Holding (-2.75 per cent) and Oman Textile Holding (-2.59 per cent) were the biggest drags on the market.

Benchmark indexes in Dubai and Abu Dhabi rallied at least 1.8 per cent.

Oil prices diverged on Monday as traders balanced US demand hopes against the stubborn supply glut that has plagued the market in recent years.

Around 1200 GMT the US benchmark West Texas Intermediate (WTI) for delivery in April declined 22 cents at US$32.56 a barrel.

In London Brent North Sea crude for April advanced 23 cents to US$35.33 a barrel compared with Friday's close.

Crude futures had risen in earlier Asian trading on Monday boosted by hopes that strengthening growth in top global consumer the United States will soak up some of the chronic supply glut.

By special arrangement with Oman Arab Bank -Investment Management Group

- With inputs from AFP

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.