Recovery in financial stocks lifts Oman shares higher

Muscat: Recovery in financial stocks continued to drive the MSM30 Index, which ended at 5,421.95 points, up 0.36 per cent. The MSM Sharia Index gained 0.18 per cent to close at 793.19 points. Bank Nizwa was the most active in terms of both volume while Al Madina Takaful led in terms of turnover. Up 2.96 per cent, Phoenix Power was the top gainer while Oman Textiles was Wednesday’s top loser, down 16.18 per cent.
A total number of 1,148 trades were executed on Wednesday, generating a turnover of OMR4.34 million with 30.9 million shares changing hands. Out of 36 traded securities, 16 advanced, 6 declined, and 14 remained unchanged. At the session close, Foreign investors were net buyers for OMR1.03 million worth of shares while Omani Investors switched to net sellers for OMR976,00 followed by GCC & Arab Investors for OMR58,000 worth of shares.
Financial Index advanced 0.54 per cent to end at 8,061.56 points. Al Anwar Holding, Oman United Insurance, Bank Nizwa, Oman & Emirates and Al Madina Takaful gained 1.95 per cent, 1.71 per cent, 1.06 per cent, 0.90 per cent, and 0.84 per cent respectively. United Finance, Al Madina Investments, Gulf Investment Services and Ominvest lost 1.64 per cent, 1.35 per cent, 1.05 per cent and 0.38 per cent respectively.
Industrial Index gained 0.28 per cent to finish at 7,294.88 points . Oman Fisheries, Al Anwar Ceramics and Galfar Engineering increased 2.78 per cent, 2.14 per cent and 1.22 per cent respectively. Oman Textiles and Al Maha Ceramics decreased 16.18 per cent, and 2.23 per cent respectively.
Services Index closed the session at 2,771.42 points with a gain of 0.38 per cent. Phoenix Power, Renaissance Services and OIFC increased 2.96 per cent, 0.92 per cent and 0.51 per cent respectively.