Oman shares edge lower on selling pressure

Muscat: Selling in financials dragged down the MSM30 Index to 4,971.71 points, down 0.81 per cent. The MSM Sharia Index slid 0.58 per cent to end at 706.73 points. Al Sharqia Investments was the most active in terms of volume while Al Fajar Al Alamia led in terms of turnover. Al Sharqia Investments was the top gainer, up 4.92 per cent, while the top loser was Al Batinah Development with a loss of 4.40 per cent.
A total number of 1,032 trades were executed on Wednesday, generating turnover of OMR4.33 million with 18.8 million shares changing hands. Out of 43 traded securities, 9 advanced, 23 declined and 11 remained unchanged. At the session close, Foreign investors remained net buyers for OMR1.18 million followed by GCC & Arab investors for OMR162,000 while Omani investors were net sellers for OMR1.35 million worth of shares.
Financial Index had sharp loss of 0.74 per cent to finish at 7,444.86 points. Al Sharqia Investments and Gulf Investment Services increased 4.92 per cent and 2.22 per cent respectively. Al Batinah Development, Global Financial Investment, Bank Dhofar, Takaful Oman and Oman & Emirates Holding declined 4.40 per cent, 4.29 per cent, 4.19 per cent, 3.03 per cent and 2.80 per cent respectively.
Industrial Index declined 0.07 per cent to close at 6,819.15 points. National Aluminium, Galfar Engineering and Al Anwar Ceramics gained 3.47 per cent, 1.30 per cent and 0.74 per cent respectively. Oman Flour Mills, Al Maha Ceramics, Al Jazeera Steel and Oman Cement decreased 1.89 per cent, 0.69 per cent, 0.64 per cent and 0.52 per cent respectively.
Services Index ended at 2,610.03 points, down 0.02 per cent. Al Batinah Power, Phoenix Power, Al Suwadi Power and National Gas gained 3.05 per cent, 1.54 per cent, 0.72 per cent and 0.34 per cent respectively. Al Jazeera Services, Omantel, Renaissance Services, Ooredoo and OIFC decreased 3.03 per cent, 1.79 per cent, 1.18 per cent, 0.81 per cent and 0.77 per cent respectively.