Oman- Investors pause to digest corporate earnings

Date

7/21/2016 1:04:30 AM

(MENAFN- Muscat Daily) Muscat-

The Oman benchmark closed lower, dropping 0.48 per cent to 5,843.77, as investors took a pause to weigh the corporate earnings announcements. Market volume and turnover fell 13.08mn and RO2.85mn, respectively.Of the 50 stocks traded, eight closed with gains, while 17 slipped and 25 remained unchanged.

All the sub-indexes posted declines. The Industrial gauge closed down 0.31 per cent, while the Financial Index lost 0.68 per cent and the Services index inched down 0.03 per cent. The MSM Shariah index closed down 0.22 per cent.

Top gainers included Al Jazeira Services (+3.77 per cent), Al Jazeera Steel Products (+2.48 per cent) and Global Financial Investment (+2.04 per cent) while the laggards were led by Construction Materials Industry (-3.23 per cent), Bank Nizwa (-2.60 per cent) and Al Hassan Engineering (-2.53 per cent).

Global financial markets showed signs of resilience following a failed coup attempt in Turkey, as the lira rebounded and US stocks edged toward a fresh record.

The S & P 500 index advanced, adding to a weekly gain that took it to all-time highs as political tension in the UK eased and central banks signalled additional stimulus.

Turkey's Borsa Istanbul 100 index sank 6.4 per cent and Turkish Airlines tumbled more than ten per cent.

The yen fell 0.7 per cent after gaining 0.5 per cent late Friday. Still, the currency ended last week down 4.1 per cent as Prime Minister Shinzo Abe outlined plans for a 'bold' stimulus package in the wake of an election victory.

Gold declined 0.7 per cent to about US$1,328.49 an ounce, trimming this year's advance to 25 per cent.

By special arrangement with Oman Arab Bank -Investment Management Group

- With inputs from Bloomberg

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