Oman- Free fall for MSM shares 

(MENAFN - Times of Oman) Share prices sank further on the Muscat Securities Market (MSM) yesterday with the benchmark MSM-30 index plunging by 7.29 per cent. The index shed a whopping 561.25 points on continued selling pressure to close at 7,142 points over uncertainty resulting from the global financial turmoil and its impact on regional markets.

The market shed 553 points (6.7 per cent) on Monday.

Oman Telecommunications Co., the Sultanate's largest phone company, fell for the fourth day to erase 6.54 per cent. BankMuscat, the country's largest lender also fell.

The top losers were: Oman Flour Mills (-10 per cent), Dhofar Int. Dev. (-10 per cent) and United Power (-10 per cent). The turnover and number of shares traded also increased by 17.2 per cent and 1.4 per cent, respectively as compared to the previous day.

"The market breadth was very weak with no gainers and 40 losers out of 44 traded scrips," the investment division of a top bank said in a note to its clients yesterday.

"All the sectors ended in negative territory and the market lost 561 points yesterday, services and insurance was the biggest loser after declining 7.98 per cent to close at 3,348 points," the note said.

The top two by volume traded were: BankMuscat (1.724 million shares) and Galfar Engineering (1.644 million shares). The top two by value traded were: Galfar Engineering (RO1.95m) and BankMuscat (RO1.70m).

"However, buying interest was seen by foreigners as they continued to be net buyers for the fourth consecutive day", the note said.

Industrial and banking and investment sectors lost 7.73 per cent and 7.06 per cent to close at 7,236 points and 9,148 points. Many scrips ended in limit down due to the lack of buying interest. NAVs as of October 6, 2008 were: Oryx Fund-RO1.541, Muscat Fund-RO1.686 and Bank Muscat MSCI Kuwait Fund: (Oct.5 2008) 1.0466.