Oman- MSM-30 gains 329 points as equities rebound 

(MENAFN - Times of Oman) Buying interest was seen on the Muscat Securities Market (MSM) yesterday as investors built positions in key stocks after the major correction.

The index recovered 329 points from the previous day and increased sharply by 4.16 per cent to close at 8,229 points.

The turnover for the day was RO19.1 million as against RO7.3 million compared to the previous day with 43 advances and 5 declines out of the 53 scrips that traded during the day.

The market breadth was positive, and all the sectors posted gains. Industry sector led the market and increased by 4.74 per cent. The services and insurance sector increased by 4.36 per cent, and the Banking and Investment sector increased by 4.11 per cent.

Oman & Emirates Investment Holding (OM) yesterday announced that the Government has approved lifting the trading barriers on the company's shares, allowing all AGCC nationals to own shares. They are waiting to receive the approval of UAE government in this regard. Following the announcement the scrip gained sharply by 6.97 per cent to close at RO0.261.

The top two gainers were: Oman Chemical Industry (17.65 per cent) and National Detergent (9.39 per cent).

The top two losers were: Muscat Gases (-10 per cent) and National Gases (-9.99 per cent). The top two by volume traded were: BankMuscat (7.7m shares) and Al Jazeira Services (2.05m shares).

The top two by value traded were: BankMuscat (RO9.05 million) and Renaissance Services (RO2.5 million).

NAVs as of September 16, 2008: Oryx Fund-RO1.621, Muscat Fund-RO1.744 and Bank Muscat MSCI Kuwait Fund: (September 15, 2008) 1.0705.