Oman- MSM activity picks up as financials shine

Date

7/13/2016 1:05:26 AM

(MENAFN- Muscat Daily) Muscat-

The MSM30 index posted its biggest gain in four trading sessions, rising 0.49 per cent to close at 5,848.89, supported mainly by the Financial sector.

Oil rebounded from a two-month low as world equities advanced and a weaker dollar boosted the appeal of commodities

Muscat market activity picked up as volumes gained 3.4 per cent to 10.9mn and turnover jumped 46.18 per cent to RO3.3mn. Of the 38 stocks traded, 14 advanced, while six dropped and 18 remained unchanged.

The Financial sub-index put on 0.62 per cent to 7,383.62. The Services index added 0.26 per cent to 3,258.77 while the Industrial gauge closed down 0.25 per cent at 7,465.06. The MSM Shariah index ended positive at 896.77.

Top gainers included Al Batinah Development Investment Holding (+8.75 per cent), Oman United Insurance (+4.48 per cent) and National Gas (+2.34 per cent) while laggards included Construction Materials (-3.13 per cent), Al Anwar Ceramic (-2.78 per cent) and Galfar Engineering

(-2.73 per cent).

Oil futures gained as much as 3.2 per cent in New York. The dollar weakened against most of its major peers, while global stocks rose and the pound strengthened as the UK moved closer to getting a new leader.

West Texas Intermediate crude for August delivery added as much as US$1.41 to US$46.17 a barrel on the New York Mercantile Exchange and traded at US$45.88 as of 1:20pm London time. The grade fell 65 cents to settle at US$44.76 on Monday, the lowest close since May 10. Brent for September settlement gained as much as US$1.62, or 3.5 per cent, to US$47.87 a barrel on the London-based ICE Futures Europe exchange.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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.