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MENAFN - Muscat Daily - 06/11/2012

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(MENAFN - Muscat Daily) Market analysts see the Muscat Securities Market (MSM) remaining flat, without any possibility for a strong rally, in the near term.On Tuesday, the benchmark MSM30 index closed flat at 5,686.52.According to analysts, the market will not be bullish in its approach and may inch higher in the near term, even as it recovers.The market's reaction to third-quarter earnings disappointed as stocks were expected to perform better given the strong economic indicators of the country.''The market did not perform to expectations on the dismal performance of the banking sector. The financial performance of banks had been satisfactory but interest in their stocks were seen declining."The outlook on oil prices does not look positive, and hence spending on projects by the government may still be less than expected,'' said Anil Kumar, senior vice president of research at Fincorp.Arafat al Asad, vice president of asset management at National Securities, expects improved earnings in the fourth quarter. ''The market was gloomier than expected with only three out of the six banks - namely Bank Sohar, bank muscat and National Bank of Oman - posting improved performances.''Profitability this year has been better as compared to last year and will also be reflected in fourth-quarter earnings, according to Suresh Kumar, head of research at Al Maha Financial Services.''The overall outlook for the market is positive but it is still early days since the results of investment holding companies and big firms like Omantel and Renaissance Services are awaited."The local market will also be indirectly impacted by the US presidential elections, which will show on global as well as regional markets,'' Kumar added.

 






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