Arab Today, arab today oman stock market trading volumes fall in june
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Oman stock market trading volumes fall in June

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Arab Today, arab today Oman stock market trading volumes fall in June

Oman stock market trading volumes fall in June
Muscat - QNA

Trading volumes on the Muscat Securities Market (MSM) in May is showing a declining trend as investors keep away from the bourse on lack of trigger factors to prop up sentiment.

    The average daily turnover of the market fell by 29% so far this month to OMR3.36 million, from OMR4.74 million daily turnover in May. There were eight trading session so far this month, against 22 trading sessions in May, the "Times of Oman" reported. "The first quarter results were good and crude oil also started picking up to touch $50 per barrel. After the first quarter results, there was no additional trigger factor in the market," said a market analyst. This led to poor liquidity in the stock market and less participation of foreign investors. Now, the stock market investors are waiting for the second quarter results. Sources also said that technically, the market is positive. 

    Foreign investors were net sellers in the last couple of weeks. The foreign investors were net sellers to the extent of 3.9% for the week ending June 2, while it was 19.47% in the following week.

    Market sources believe that a better than anticipated result in the second quarter will result in higher participation from both retail and institutional investors, which could prop up trading volumes on the bourse. The second quarter results are expected in the second week of July.

    Market volumes were low in 2015 as investors kept away from the bourse. The average daily turnover or investor participation was down by 39.7% to OMR5.6 million in 2015 from as high as OMR9.29 million in 2014. The Muscat bourse posted a turnover of OMR1,389.65 million on a turnover of 5733.82 million shares last year. The market capitalization of Muscat Securities Market stood at OMR17.05 billion on Monday.

Source: QNA

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