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Index sheds 0.53 per cent on selling pressure - Oman  Join our daily free Newsletter

MENAFN - Times of Oman - 30/04/2007

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(MENAFN - Times of Oman) MUSCAT — The Muscat Securities Market commenced trading this week on a negative note with the MSM 30 index closing at 5,817.77 points, down 0.53 per cent from the previous trading day. The three sector indices also declined — the banking/investment sector index by 1.69 per cent, the services and industry sector indices by 0.71 per cent and 0.77 per cent, respectively.

Majan College emerged as yesterday's top gainer, with a closing price of RO0.270 a share, up 9.31 per cent from its previous close. On the other hand, Sweets of Oman was the major loser yesterday, having closed at RO0.900 a share (down 10 per cent). The banking/investment sector index saw a drop yesterday in the light of heavy selling pressure, particularly on Oman International Bank which released its first quarter results, recently. The share dropped in value by 7.42 per cent to close at RO2.469. Other key stocks in the banking/investment sector that experienced drops in share value were BankDhofar (down 2.20 per cent) and Dhofar International Development and Investment Holding (down 0.35 per cent).

BankMuscat (up 1.64 per cent) emerged as a key gainer in the sector. In the industry sector, Al Hassan Engineering (down 5.53 per cent), Al Anwar Ceramic Tiles (down 2.03 per cent) and Oman Cables Industry (down 0.46 per cent) saw drops in share value. On the other hand, Raysut Cement witnessed a gain 0.85 per cent to close at RO1.299 a share. Significant losers in the services sector were Renaissance Services (down 2.86 per cent), AES Barka (down 2.50 per cent), Al Maha Petroleum Products Marketing (down 1.67 per cent) and Omantel (down 0.36 per cent).

BankMuscat was the highest traded stock yesterday in terms of value traded, amounting to RO929,000. The share closed at RO1.181, 1.64 per cent above its previous close. On the whole, 14 stocks gained, 22 stocks declined and 16 stocks remained unchanged.


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