Aggressive foreign selling drags Oman shares lower

Business Sunday 12/March/2017 16:28 PM
By: Times News Service
Aggressive foreign selling drags Oman shares lower

Muscat: Aggressive foreign selling in index heavyweights dragged down the MSM30 Index by 0.87 per cent to close at 5,741.21 points. This was the sharpest single day decline since October 2016. The MSM Sharia Index ended at 851.66 points, down 0.53 per cent. Ooredoo was the most active in terms of volume as well as turnover. Voltamp Energy was the top gainer, up 0.74 per cent, while Oman Textiles was the top loser, with a loss of 10.00 per cent.
A total number of 876 trades were executed on Sunday, generating turnover of OMR5.44 million with 17.3 million shares changing hands. Out of 40 traded securities, 3 advanced, 21 declined and 16 remained unchanged. At the session close, Omani investors were net buyers for OMR1.85 million while Foreign investors were net sellers for OMR1.73 million followed by GCC & Arab investors for OMR128K worth of shares.
Financial Index had strong loss of 1.11 per cent to end at 8,092.93 points. Oman United Insurance, up 0.49 per cent, was the only gainer. Taageer Finance, Oman & Emirates Holding, Bank Muscat, Bank Sohar and Bank Dhofar declined 6.67 per cent, 5.76 per cent, 3.85 per cent, 1.94 per cent and 1.59 per cent respectively.
Industrial Index retreated 0.56 per cent to close at 8,012.82 points. Voltamp Energy gained 0.74 per cent to close at OMR0.548. Oman Textiles, A’Saffa Foods, Oman Fisheries, Al Anwar Ceramics and Gulf International Chemicals declined 10.00 per cent, 9.89 per cent, 2.67 per cent, 1.83 per cent and 1.35 per cent respectively.
Services Index ended at 3,011.88 points, down 0.07 per cent. OIFC, up 0.45 per cent, was the sole gainer. Al Jazeera Services and Omantel decreased 1.02 per cent and 0.72 per cent respectively.