MSM shares rise on Fed-action optimism 

(MENAFN - Muscat Daily) Regional markets responded positively to US Federal Reserve chairman Ben Bernanke's statement that the ''Fed will provide additional policy accommodation as needed to promote a stronger economic recovery.''

The Muscat Securities Market general index was no exception and gained 0.48 per cent to  close at 5,506.36. Trading activity improved as a total of 2,155 trades were executed generating turnover of RO5.54mn, while 29.48mn shares were exchanged over the counters.

Al Hassan Engineering, up 7.90 per cent, was the top gainer in terms of volume and turnover. Market breadth remained in favour of advancers as of the 47 securities traded, 29 advanced while two declined and 16 stocks closed as unchanged.

Stocks closing as top gainers for the day were Al Hassan, ONIC Holding (3.91 per cent at 266bz), Gulf International Chemicals (3.27 per cent at 158bz), National Aluminium Products (2.89 per cent at 214bz), Oman United Insurance (2.42 per cent at 169bz) while the top losers were United Finance (-1.49 per cent at 132bz) and Bank Nizwa (-0.94 per cent at 105bz).

All the three sectoral indices closed in the green. The Financial index gained 0.92 per cent supported by National Bank of Oman (0.76 per cent at 266bz) and Ominvest (0.54 per cent at 375bz). The Industrial index closed 0.39 per cent higher, while the Services index inched up 0.36 per cent with gains from Nawras (0.85 per cent at 473bz) and Renaissance Services (0.63 per cent at 480bz).

By arrangement with National Bank of Oman