MSM index cuts down losses to 28 points

Muscat: Muscat Securities Market (MSM) index cut down last week’s losses to 28 points, compared to a loss run of 374 points and 166 points in the two previous weeks.
By the end of Thursday’s trading session, the stock market’s index closed at 3,538 points, thus losing more than 590 points this month, compared to the corresponding period last February (4,130 points).
Sector-based indicators experienced better performance, with the Industries’ sector rising 33 points, the Services sector adding 2 points and Shar’ee market staying stable at 505 points, but the Finance sector lost 81 points.
Fifteen companies saw their prices go up last week against a decline in prices of 16 firms, while 22 others had their prices unchanged.
Raysut Cement’s share registered the best upward rate, closing at 378 baisas, an increase of 11.1 per cent. In the meantime, Oman Investment & Finance company’s share rose by 10.3 per cent, closing at 96 baisas, while Dhofar International Development & Investment company’s share climbed to 292 baisas, rising by 9.3 per cent.
Topping the list of losing shares were those of Bank Muscat, Majan College, National Bank of Oman and Nahda Services, which, respectively closed as follows: Bank Muscat 340 bz (11 per cent down), Majan College 158 bz (9.7 per cent down), National Bank of Oman 165 bz (6.7 per cent down) and Nahda Services 374 bz (6.5 per cent down).
However, trading value last week nosedived to OMR6.7 million from OMR37 million in the previous week. Bank Muscat garnered 32.6 per cent of the total value of trading, with its traded shares standing at OMR2.2 million, followed by National Bank of Oman with OMR704,000-worth traded shares, constituting 10.3 per cent of the total value of trading, and Omantel (OMR676,000).
By the end of last week, the market value plummeted to OMR18.26 billion, registering weekly losses estimated at OMR86.2 million.
In turn, last week witnessed a spike in foreign sales that constituted 30 per cent of the total value of trading against buying rates representing 9.2 per cent of the total value of trading. Local funds and investment portfolios sought to absorb the liquidity surplus, and, accordingly, their purchases constituted 47.1 per cent of the total value of trading, against 36.9 per cent sales.