Oman- Retail selling pressure pulls down MSM30

Date

8/4/2016 9:02:18 AM

(MENAFN- Muscat Daily) Muscat-

Oman's benchmark index lost 0.08 per cent on Tuesday to close at 5,856.28 as Omani retail investors turned net sellers. Volume and turnover improved to 10.13mn and RO2.56mn, respectively.

Of the 46 stocks traded, six posted gains, while 17 declined and 23 remained unchanged. A total of 653 trades were registered during the day.

All the sub-indexes ended in the red. The Industrial index lost 0.07 per cent, the Financial index slipped 0.17 per cent and the Services gauge closed flat with a negative bias.

Top gainers on the Muscat bourse included Global Financial Investment (+2.65%), Al Batinah Power (+2.09%) and Oman United Insurance (+1.71%) while the laggards were led by Muscat Gases (-9.94%), Sharqiyah Desalination (-4.26%) and Al Batinah Development & Investment (-4.21%).

The MSCI Emerging Markets index fell 0.4 per cent, with equity benchmarks in Abu Dhabi, Dubai, Russia and Saudi Arabia sliding more than one per cent. Shares in Shanghai rebounded 0.6 per cent from a one-month low.

Oil rose in New York amid speculation the oversupply still weighing on global markets will diminish, even after prices fell into a bear market on Monday.

Futures gained 0.8 per cent after dropping below US$40 on Monday for the first time since April. While crude and petrol inventories are forecast to have declined, they will remain at the highest seasonal level in at least two decades.

Brent for October settlement rose 57 cents to US$42.71 a barrel on the London-based ICE Futures Europe exchange. The contract dropped US$1.39 to US$42.14 a barrel on Monday.

West Texas Intermediate crude was 1.3 per cent higher at US$40.56 a barrel after sliding to its lowest settlement price since April 18 on Monday. Futures have retreated about 22 per cent from a peak reached in June, meeting the common definition of a bear market.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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