MUSCAT — The Muscat Securities Market (MSM) continued the impressive rally exhibited in the previous session. The 3.21 per cent increase in the industry sector index led the MSM 30 index to shoot up by 1.93 per cent to close at 4,931 points. The banking/investment sector index appreciated by 2.40 per cent and constituted 49 per cent of the total equity market turnover. The service sector index also moved up by 1.57 per cent to close at 2,088 points.
The individual index stocks, all booked profits except for Onic Holding, Oman International Bank and Omantel that fell marginally by 0.82 per cent, 0.92 per cent and 0.54 per cent, respectively, along with Al Anwar Holding that nosedived to a low of RO1.280 (-8.05per cent). Subsequent to the news on Dhofar Cattlefeed, the stock price shot up by 9.74 per cent and closed at 214 baisas. Following the same upward momentum was Oman Chlorine (6.33 per cent) and Oman Cement (5.34 per cent).
In the banking/investment sector index the positive contributors was Oman Investment Finance (5 per cent), Oman & Emirates (4.79 per cent) and Dhofar International Development (4.75 per cent). Out of the four banks Alliance Housing Bank saw large buying interest as 5.7 million shares exchanged hands at a value of RO1.3 million. In the service sector index, Salalah Port Services was the leader as it appreciated by 6.36 per cent, followed by Al Maha Petroleum (5.56 per cent) and Shell Oman Marketing (4.76 per cent). Omantel closed at an average price of RO1.283 on low volumes amounting to RO248,00.
Overall market volumes stood at RO4.3 million. Market breadth was positive as the advancers topped the decliners by a margin of 29 to 6. — The Fincorp