Muscat: Shares on the Muscat Securities Market (MSM) partially recovered on Monday, after a major slump of 3.21 per cent on the previous day.
The MSM 30 Index – barometer of the market trend – recovered 33.09 points or 0.67 per cent to close the session at 4,981.57 points as investors started buying value stocks at lower levels.
The local and foreign investors have gained to the extent of OMR30 million as the market capitalisation closed at OMR15.292 billion on Monday, against a loss of OMR250 million in total share values on the previous day.
However, the traded volume came down to OMR3.23 million amid 11.43 million shares changing hand, which is against a turnover of OMR6.3 million and 21.7 million shares on Sunday.
“There will be pull-back in a falling market. It was dropping continuously for the previous six sessions. Now people are finding value in some stocks,” said Suresh Kumar, head of research at Al Maha Financial Services.
Few Gulf bourses, including Dubai and Abu Dhabi, also recovered partially from a major crash on Sunday in the wake of falling crude oil prices. But other bourses are still in red.