Oman shares drop on weak market sentiments

Muscat: Oman’s benchmark MSM30 Index closed at 5,121.71 points, down 0.17 per cent. The MSM Sharia Index gained 0.17 per cent to end at 747.01 points. Galfar Engineering was the most active in terms of volume while Bank Muscat led in terms of turnover. Wednesday's top gainer was Gulf Investment Services, up 2.60 per cent, while Al Suwadi Power was the top loser with loss of 4.76 per cent.
A total number of 554 trades were executed on Wednesday, generating turnover of OMR2.27 million with 13.43 million shares changing hands. Out of 31 traded securities, 9 advanced, 8 declined and 14 remained unchanged. At the end of the trading session, Foreign investors were net buyers for OMR72,000 followed by Omani investors for OMR49,000 while GCC & Arab investors switched to net sellers for OMR121,000 worth of shares.
Financial Index stayed flat at 7,351.11, down 0.01 per cent. Gulf Investment Services, Al Sharqia Investments, Al Izz Bank, Bank Muscat and Al Madina Takaful gained 2.60 per cent, 1.90 per cent, 1.47 per cent, 1.04 per cent and 1.00 per cent respectively. Bank Dhofar, Al Batinah Development, Vision Insurance and NBO decreased 1.44 per cent, 1.15 per cent, 0.71 per cent and 0.49 per cent respectively.
Industrial Index gained 0.55 per cent to close at 6,879.99 points. Oman Flour Mills, Al Anwar Ceramics, Galfar Engineering and Oman Fisheries declined 1.85 per cent, 1.56 per cent, 1.25 per cent and 0.93 per cent respectively.
Services Index ended at 2.556.37 points, up 0.19 per cent. Al Suwadi Power, Al Batinah Power, Omantel and Sembcorp Salalah lost 4.76 per cent, 2.10 per cent, 1.10 per cent and 0.90 per cent respectively.