MSM releases new list of 30 firms for day trade

Muscat: Muscat Securities Market (MSM) announced the new list of 30 companies approved for day trading.
Badr bin Hamoud Al Hinai, Operations Manager at MSM, said that the market will work with the new list of companies as of December 2, 2018.
Al Hinai said that MSM started day trading since November 2016, with the trader involved in this kind of trading receiving an incentive of a 50 per cent discount on the trading commission. Thus, the commission under the day trade incentive at MSM for an investor amounts to 1.75 per thousand per trade instead of 3.5 per thousand.
He also said that this type of transaction aims to improve the investment environment in the securities market in order to make it more attractive to investors, increase the liquidity rate, stimulate the volume and movement of shares traded in the market and improve opportunities for active investors to get a better profit by reducing the cost of trading. It is also very useful to investors during periods in which the market is active and it can be used to reduce the cost of trading, surge the trade volumes and the movement of shares traded in the market.
He said that MSM, in cooperation with the Omani Securities Association, set standards for companies subject to the reduction of trading fees in day trading, which were set in two parameters, the first of which is the volume of trading, so that the top 30 companies are selected in terms of volume during the whole year (assessment year). The second criterion is in trading days, so that the number of trading days of the company within a year shall not be less than half the number of trading days in total, in addition to the unified ceiling on all companies, which is 200,000 shares per trading day. If the trade exceeds the standard ceiling, the amount of the increase will be subject to the ordinary commission.
The listed companies include Bank Muscat, Ominvest, Galfar Engineering and Contracting, Oman Telecommunications, Al Madina Takaful, Ooredoo, Gulf Investment Services Holding, Oman Fisheries, Bank Nizwa, Al Anwar Holdings, Renaissance Services, Bank Sohar, Phoenix Power, Bank Dhofar, HSBC Oman, A'Sharqiya Investment Holding, National Bank of Oman, Muscat City Desalination, Oman Investment and Finance, Al Anwar Ceramic Tiles, Al Jazeira Services, Oman Cement, Oman and Emirates Investment Holding, National Gas, Alizz Islamic Bank, Al Maha Ceramics, Muscat Finance, Al Madina Investment, Al Suwadi Power and Voltamp Energy.
Day trade means that a trader buys shares not exceeding 200,000 in one or more sample companies specified by the MSM and sells those shares at the same session or sells shares previously owned by the investor in one of the specified companies and repurchases them in the same session, provided that such transactions are carried out through the same broker.