Muscat bourse recovers on support at lower levels

Muscat: Shares on the Muscat Securities Market staged a smart recovery on Tuesday, with the general index climbing by 1.2 per cent or 65.14 points to close at 5481.97 points.
The market recovered after several days after local and foreign institutional investors started purchasing value stocks at attractive rates. There has been a broad-based buying on Tuesday and the frontrunners were blue chip stocks, which were available at attractive valuations.
The market is recovering after the bourse touched a five-year low in the aftermath of a steep fall in crude oil prices. Market turnover on the local bourse was OMR2.20 million, with 14.02 million shares changing hands.
The major gainers on the Muscat bourse were Al Anwar Ceramic Tiles, Al Sharqia Investment, Oman National Engineering and Investment, Al batinah Development and Investment Holding, Al Jazeera Services and Oman Fisheries.
The trend on the local bourse in the coming days will largely depend on the recovery in crude oil prices, said a market source.
The MSM Sharia Index gained 0.60 per cent to close at 845.90 points. Al Sharqia Investments was the most active in terms of volume as well as turnover. The top gainer remained Al Anwar Ceramics, up 8.55 per cent, while A’Saffa Foods was the top loser, down 1.91 per cent. Out of 41 traded securities, 30 advanced, two declined and nine remained unchanged.
Arab and GCC investors were net buyers to the tune of OMR162,000 followed by foreign investors at OMR79,000 while Omani investors, who were net sellers, sold stocks amounting to OMR241,000.
Financial Index advanced by 1.77 per cent to close at 7,153.26 points. Al Sharqia Investments, Al Batinah Investment, Oman Orix Leasing, Ahli Bank and Bank Dhofar increased by 6.96 per cent, 4.76 per cent, 3.20 per cent, 2.72 per cent and 2.38 per cent, respectively.
Industrial Index closed at 7,166.22 points, up by 0.84 per cent. Al Anwar Ceramics, Oman Fisheries, Oman Flour Mills, Gulf International Chemicals and National Aluminium gained 8.55 per cent, 3.39 per cent, 1.82 per cent, 1.57 per cent and 1.03 per cent. A’Saffa Foods and Al Jazeera Steel declined by 1.91 per cent and 0.87 per cent, respectively.
Services Index ended the session at 3,007.53 points, up by 0.34 per cent. Oman National Engineering, Al Jazeera Services, Phoenix Power, Port Services and Ooredoo Oman increased by 6 per cent, 4.26 per cent, 1.44 per cent, 0.86 per cent and 0.65 per cent, respectively. – With inputs from United Securities