Oman- Weak trading activity hurts MSM30 index

Date

5/25/2016 2:53:48 PM

(MENAFN- Muscat Daily) Muscat-

The benchmark index of the Muscat Securities Market (MSM) declined 0.12 per cent to close at 5,930.51 on Wednesday.

Market breadth was negative with seven stocks advancing to 16 decliners, while 17 scrips remained unchanged.

All the sectoral indices also closed in the red. The Financial and Industrial indexes dropped 0.24 per cent and 0.25 per cent, respectively, while the Services gauge lost 0.17 per cent. The MSM Shariah index fell 0.18 per cent.

Market activity remained weak on Wednesday with volume declining 39.5 per cent. Market turnover fell 30.3 per cent to RO2.18mn.

While Omani institutions were net buyers, GCC and other foreign institutions created selling pressure.

Among the top gainers were United Finance (+3.38 per cent at 153bz), Construction Materials (+3.13 per cent at 33bz), NBO (+1.18 per cent at 257bz) and Salalah Mills (+1.02 per cent at RO1.49). Top losers were Voltamp Energy (-3.23 per cent at 420bz), Oman United Insurance (-3.04 per cent at 255bz), National Mineral Water (-1.64 per cent at 60bz) and Al Anwar Ceramic Tiles (-1.48 per cent at 266bz).

Oil prices edged towards US$50 a barrel after hitting the highest levels this year on a larger-than-expected drop in US stockpiles as wildfires disrupt Canadian crude output.

US benchmark West Texas Intermediate (WTI) struck a 7 1/2-month peak at US$49.45 a barrel after the American Petroleum Institute on Tuesday reported that US crude inventories last week dropped by 5.14mn barrels.

Brent North Sea crude oil for July won 59 cents to US$49.20 a barrel. The global oil market had nosedived from above US$100 in mid-2014 to 13-year lows of around US$27 in February, plagued by a stubborn supply glut. They have since rebounded, aided by the Canada wildfires and unrest in oil producer Nigeria.

- With inputs from AFP

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