Improved market activity lifts Oman shares higher

Muscat: Improved market activity drove the MSM30 Index to 5,779.59 points, up 0.32 per cent. The MSM Sharia Index increased 0.30 per cent to finish at 883.61 points. Galfar Engineering was the most active in terms of volume while Ooredoo was most active in terms of turnover. Top gainer was Al Sharqia Investment, up 9.55 per cent while top loser on Wednesday was Oman Hotels & Tourism, down 9.59 per cent.
A total number of 973 trades were executed on Wednesday, generating turnover of OMR3.0 million with 15.2 million shares changing hands. Out of 45 traded securities, 19 advanced, two declined and 24 remained unchanged. At the session close, GCC & Arab Investors were net buyers for OMR92,000 followed by foreign investors for OMR91,000 while Omani investors switched to net sellers for OMR183,000 worth of shares.
Financial Index had strong gain of 0.66 per cent to close at 7,267.28 points. Al Sharqia Investments, Gulf Investment Services, Al Anwar Holding, Al Madina Takaful and Oman & Emirates Holding gained 7.69 per cent, 3.57 per cent, 2.94 per cent, 2.82 per cent and 2.27 per cent respectively. Oman United Insurance retreated 0.40 per cent to close at OMR0.249.
Industrial Index ended at 7,289.15 points, up 0.45 per cent. Al Hassan Engineering, Galfar Engineering, Construction Materials, Al Jazeera Steel and Oman Fisheries gained 3.90 per cent, 3.77 per cent, 3.33 per cent, 3.05 per cent and 1.69 per cent respectively.
Services Index gained 0.41 per cent to close at 3,238.99 points. National Gas, Phoenix Power, Renaissance Services and Omantel increased 4.55 per cent, 1.92 per cent, 1.79 per cent and 0.62 per cent respectively. Oman Hotels & Tourism, down 9.59 per cent was the only loser.