Oman shares recover on buying support

Muscat: Shares on the Muscat bourse recovered on buying support at lower levels. The MSM30 Index bounced back on Tuesday with gains of 0.46 per cent to close at 5,843.31 points. The MSM Sharia Index closed at 882.10 points, up by 0.60 per cent. Bank Sohar was the most active in terms of volume and turnover. Tuesday’s top gainer was Al Madina Takaful, up by 5.56 per cent, while Global Financial Investment was the top loser, down by 3.45 per cent.
As many as1,122 trades were executed on Tuesday, generating turnover of OMR4.9 million with 23.5 million shares changing hands. Out of 49 traded securities, 21 advanced, three declined and 25 remained unchanged. GCC and Arab investors were net buyers for OMR275,000 while Omani investors were net sellers for OMR246,000 followed by foreign investors for OMR29,000 worth of shares.
Financial Index advanced 0.51 per cent to close at 7,433.72 points. Al Madina Takaful, Oman united Insurance, Al Madina Investments, Al Sharqia Investments and Bank Nizwa gained 5.56 per cent, 2.04 per cent, 1.61 per cent, 1.53 per cent and 1.35 per cent, respectively. Global Financial Investment, Muscat Finance and United Finance declined by 3.45 per cent, 3.23 per cent and 0.65 per cent, respectively.
Industrial Index had strong gains of 0.83 per cent to end at 7,241.34 points. Al Maha Ceramics, Construction Materials, Galfar Engineering, National Detergent and Raysut Cement gained 4.74 per cent, 3.23 per cent, 2.97 per cent, 2.52 per cent and 1.95 per cent, respectively.
Services Index closed at 3,261.06 points, up by 0.24 per cent. Phoenix Power, Al Suwadi Power, Renaissance Services and Oman Telecommunications Company gained by 1.94 per cent, 0.93 per cent, 0.68 per cent and 0.31 per cent, respectively.