(MENAFN - Arab News) MUSCAT — The MSM 30 index closed 0.41 per cent or 28.8 points lower yesterday compared to the previous close amidst lack of investor interest and lacklustre trading activity.
The market achieved an intra-day high of 7,022.39 points but could not sustain the momentum and due to selling pressure it closed lower at 6,987. Dhofar Beverages and Muscat National Holding saw some trading interest and gained 9.13 per cent (closing price RO2.115) and 8.97 per cent (closing price RO1.336), respectively. Oman Flour Mills succumbed to selling pressure and declined 8.16 per cent to close at RO2.150.
Bank Sohar was the value leader with RO560,101, followed by Omantel with RO524,369 while Oman Chlorine traded 1.3 million shares to be the top volume leader. Banks and Investment Index lost 0.11 per cent or 10.7 points to close at 9,679. Services and Insurance declined by 0.09 per cent or 2.4 points to settle at 2,688 while industrial sector declined by 1.07 per cent or 72.4 points to close at 6,692. The market trend in the short term is likely to be dictated by the domestic liquidity conditions and expectations on the upcoming quarterly results. NAVs as on September 27, 2007 — Oryx Fund: RO1.707; Muscat Fund — RO1.615; BankMuscat MSCI Kuwait Fund — 1.3670.