Oman- MSM30 holds gains backed by financials

4/6/2016 2:49:33 PM

(MENAFN- Muscat Daily) Muscat-

The MSM30 continued on its positive note to close Wednesday's session with a 0.08 per cent gain at 5574.52 supported by the financial sector.

Market volume fell 20.41 per cent to 23.57mn while value rose 5.15 per cent to RO5.06mn. Of the 44 stocks traded 15 closed higher while ten slipped and 19 remained unchanged.

The Financial sub-index rose 0.54 per cent to 7081.79. The Industrial gauge inched up 0.02 per cent to 6729.6 while the Services index closed in the red losing 0.06 per cent at 3116.28.

Top gainers included Port Services Corporation (+8.72 per cent) Oman & Emirates Investment Holding (+6.8 per cent) and Ominvest (+6.58 per cent) while laggards included Global Financial Investment (-9.8 percent) Ahlibank (-2.86 per cent) and Sembcorp Salalah (-2.56 per cent).

Oil extended gains after Kuwait said a deal to freeze output can be reached without Iran and US industry data showed crude stockpiles declined.

Major producers have no option but to reach an agreement to cap production when they meet April 17 and a freeze may set a price floor said Nawal al Fezaia Kuwait's governor to the Organization of Petroleum Exporting Countries. US crude inventories dropped by 4.3mn barrels last week the American Petroleum Institute was said to report.

West Texas Intermediate for May delivery increased as much as US$1.26 to US$37.15 a barrel on the New York Mercantile Exchange and was at US$36.70 at 1:40pm London time.

Brent for June settlement climbed as much as 99 cents or 2.6 per cent to US$38.86 a barrel on the London-based ICE Futures Europe exchange.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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