Institutional support aids recovery on Muscat bourse

Muscat: Institutional buying in banking stocks drove the MSM30 Index to 5,886.80 points, up by 0.21 per cent. The MSM Sharia Index gained 0.12 per cent to close at 892.04 points. Al Izz Bank was the most active stock in terms of volume while Ooredoo Oman led in terms of turnover. Oman Fisheries, up by 4.76 per cent, was the top gainer while National Aluminium was the top loser, down by 1.78 per cent.
As many as1,045 trades were executed on Monday, generating turnover of OMR3.59 million with 23.3 million shares changing hands. Out of 48 traded securities, 18 advanced, six declined and 24 remained unchanged. Foreign investors were net buyers for OMR482,000 followed by GCC and Arab investors for OMR125,000 while Omani investors switched to net sellers for OMR607,000 worth of shares.
Financial Index had a strong gain of 0.58 per cent to close at 7,584.76 points. Global Financial Investment, Gulf Investment Services, Al Sharqia Investments, Al Madina Investment and Al Madina Takaful advanced 3.80 per cent, 2.46 per cent, 2.13 per cent, 1.59 per cent and 1.37 per cent, respectively.
Industrial Index gained by 0.19 per cent to end at 7,553.40 points. Oman Fisheries and Gulf International Chemicals gained by 4.76 per cent and 3.20 per cent, respectively. National Aluminum and Al Jazeera Steel slid 1.78 per cent and 1.11 per cent, respectively.
Services Index ended at 3,207.87 points, up marginally by 0.12 per cent. Al Batinah Power, OIFC, National Gas and Sembcorp Salalah gained by 1.52 per cent, 1.48 per cent, 1.30 per cent and 0.85 per cent, respectively. Renaissance Services, Phoenix Power, Al Jazeera Services and Port Services declined by 1.08 per cent, 0.65 per cent, 0.49 per cent and 0.43 per cent, respectively.