Oman share index declines in October

Business Saturday 05/November/2016 17:31 PM
By: Times News Service
Oman share index declines in October

Muscat: Oman’s benchmark MSM Index dropped by 4.2 per cent during October 2016 with an increase in investors who did not interact much with the financial results for the third quarter of 2016, which showed a good improvement in general.
The main index closed at the end of October trading at 5,481 points, down by 244 points. The highest decline recorded during the current year after losing 226 points in January 2016.
Muscat Securities Market (MSM) and most of the Gulf Cooperation Council (GCC) and international stock exchanges were affected by oil prices, which exceeded the level of $50 a barrel early October, but declined thereafter below $48 a barrel, weighing on investor sentiment.
During this year, the index recorded a decline in six months (January, May, June, August, September and October). It lost during those months most of the gains it had made in other months, especially when it rose in April by more than 475 points, as recorded in February, up to 215 points. Despite its falling to 5,481 points at the end of October, the main index is still up 75 points from its level at the end of last year.
Trading volume recorded last month its best level since last May. It jumped to OMR77.5 million, compared to OMR54.4 million in September. Bank Muscat and HSBC Oman accounted for about 30 per cent of trading volume, including OMR12.7 million for Bank Muscat and OMR10.1 million for HSBC Oman.
During October, the share’s price of 13 companies rose, 47 companies dropped, and 20 companies maintained their previous levels.
Takaful Oman Insurance topped the gainers, up by 25 per cent to close by the end of the month at 160 baisas, compared to 128 baisas at the previous close. The shares of HSBC Oman rose to 112 baisas, up about 11 per cent from the previous close, which was at 101 baisas. The shares of International Financial Investments rose to 177 baisas, up by 7.2 per cent.
The shares of Al Anwar Ceramic Tiles fell by 24.2 per cent to 153 baisas. Bank Sohar fell from 171 baisas to 140 baisas, down by 18.1 per cent.