Weakness in financial sector weighs on Muscat bourse

Muscat: Sustained weakness in financial sector weighed on the MSM30 Index, which declined 0.55 per cent to close at 5,088.50 points. The MSM Sharia Index ended at 760.31 points, down 0.50 per cent. Bank Muscat remained the most active in terms of volume as well as turnover. Al Batinah Development, up 2.17 per cent, was the top gainer while the top loser was Oman Fisheries, a loss of 3.38 per cent.
A total number of 693 trades were executed on Monday, generating a turnover of OMR2.88 million with 9.40 million shares changing hands. Out of 33 traded securities, 4 advanced, 12 declined, and 17 remained unchanged. At the session close, Omani Investors were net buyers for OMR478,000 followed by GCC & Arab Investors for OMR4,000 while Foreign Investors switched to net sellers for OMR482,000 worth of shares.
Financial Index had strong loss of 0.62 per cent to end at 7,648.45 points. Al Batinah Development, HSBC Bank and Bank Dhofar gained 2.17 per cent, 0.81 per cent and 0.45 per cent respectively. Ahli Bank, Al Izz Bank, Al Madina Takaful, Ominvest and Al Anwar Holding decreased 2.94 per cent, 2.41 per cent, 1.74 per cent, 1.55 per cent and 1.22 per cent respectively.
Industrial Index ended at 7,100.68 points, down 0.53 per cent. Oman Fisheries and Al Anwar Ceramics declined 3.38 per cent and 1.52 per cent respectively.
Services Index retreated 0.21 per cent to finish at 2,591.12 points. Phoenix Power, down 0.86 per cent, was the only sector gainer. National Gas, Omantel, SMN Power and Sharqiyah Desalination declined 2.63 per cent, 1.76 per cent, 1.14 per cent and 0.11 per cent respectively.