Institutional support aids market recovery

Muscat: Buying support from local institutions in banking stocks lifted the MSM30 Index to 5,521.29 points, a gain of 0.47 per cent. The MSM Sharia Index ended at 850.20 points, up by 0.30 per cent.
National Bank of Oman (NBO) was the most active in terms of volume, while Bank Muscat remained the leader in turnover. Oman Flour Mills, up by 4.17 per cent, was the day’s top gainer while United Power was the top loser, with a loss of 4.27 per cent.
As many as 540 trades were executed on Tuesday, generating a turnover of OMR2.57 million with 11.4 million shares changing hands. Out of 45 traded securities, 22 advanced, five declined and 18 remained unchanged.
Foreign investors were net buyers to the tune of OMR98,000 worth of shares followed by Omani investors for OMR88,000 while GCC and Arab investors were net sellers at OMR186,000.
Financial Index closed at 7,263.63 points, up by 0.71 per cent. Al Sharqia Investment, Oman United Insurance, Al Batinah Investment, Al Madina Investment and Gulf Investment Service gained 3.13 per cent, 2.67 per cent, 2.30 per cent, 1.85 per cent and 1.77 per cent, respectively.
Industrial Index closed at 7,192.81 points, up by 0.69 per cent. Oman Flour Mills, Gulf International Chemicals, Raysut Cement, Galfar Engineering and Al Anwar Ceramics increased by 4.17 per cent, 1.92 per cent, 1.32 per cent, 1.11 per cent and 0.59 per cent, respectively. Oman Fisheries and Al Maha Ceramics declined by 1.64 per cent and 0.85 per cent, respectively.
Services Index advanced by 0.18 per cent to close at 3,014.94 points. Renaissance Services, Oman National Engineering, Oman Investment and Finance, Al Jazeera Services and Port Services increased by 3.18 per cent, 1.27 per cent, 1.06 per cent, 0.51 per cent and 0.43 per cent, respectively. United Power, Oman Education and Training and Sembcorp Salalah declined by 4.27 per cent, 1.94 per cent and 0.43 per cent, respectively.