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MENAFN - Times of Oman - 01/04/2007

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(MENAFN - Times of Oman) MUSCAT — The Muscat Securities Market began the session on a dismal note with most stocks opening lower. However, the index recovered ground towards the end of the market to close the MSM30 index 22.47 points down at 5,795.3.

Towards the latter part of trading in the market buying interest was noticed, which after about three days of correction looked like value buying. Port Services was in the limelight yesterday by moving up 2.58 per cent to close at 5.806. It also touched a high of RO5.900 intra day. This was on the back of robust first quarter results announced yesterday.

Yesterday's session was marked by above average volumes in Bank Sohar, which traded close to 4.1 million shares to close 5.42 per cent higher at 0.817 baisas. This is a new high for the stock. The bids were much higher at 0.852 baisas at circuit with buying seen till the end of the session. Rumours have been circulating around these stocks, but one cannot confirm any of these. Raysut Cement saw buying and closed 1.39 per cent higher at 1.317; again these are uncharted levels for the stock.

Oman Cables, BankMuscat, NBO and Renaissance Services saw good buying interest yesterday. OIB plunged at opening yesterday with it trading at RO2.38 before moving up all the way to RO2.549. This was a considerable move up. Small cap counters witnessed activity after a long time with Oman Chlorine, Al Anwar Holding and Al Jazeera Steel Products witnessing trading activity yesterday backed by volumes.

 






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