Oman- MSM30 posts first decline in 7 sessions

4/27/2016 1:00:06 PM

(MENAFN- Muscat Daily) Muscat-

The Muscat Securities Market's 30-share index posted its first drop in seven trading sessions on Wednesday. The benchmark declined 0.36 per cent to 5939.10.

Market volume and turnover were below the weekly average. Turnover stood at RO4.8mn while volumes came in at 24.4mn. Out of 41 stocks traded seven closed higher 21 slipped and 13 remained unchanged.

The MSM Shariah Index closed up 0.19 per cent at 879.90. All the sub-indices slipped led by the Financial index which posted a decline of 0.95 per cent at 7715.06 followed by the Services index which slipped 0.34 per cent to 3234.56. The Industrial index inched down 0.02 per cent at 7173.35.

Top gainers on the Muscat bourse included Construction Materials Industry (+2.86 per cent) Oman Cables Industry (+1.43 per cent) and Al Madina Takaful (+1.33 per cent) while laggards included Al Madina Investment (-6.06 per cent) HSBC Bank Oman (-4.69 per cent) and Al Hassan Engineering (-3 per cent).

Stocks fell the most eight weeks in Dubai after Standard & Poor's said real estate prices in the UAE may continue to fall. Saudi Arabian shares rebounded from the biggest drop in a month tracking an advance in Brent crude.

The Dubai Financial Market general index fell 1.6 per cent to a two-week low.

Saudi Arabia's Tadawul index advanced 0.9 per cent extending a bull market. Egypt's EGX 30 Index fell 0.3 per cent in Cairo after the government said it's in talks with the World Bank for a US$500mn loan.

Brent for June settlement increased 70 cents or 1.5 per cent to US$46.44 a barrel on the London-based ICE Futures Europe exchange. It reached US$47.05 the highest since November 11. The global benchmark crude traded at a US$1.71 premium to the US benchmark - WTI.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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