muscat bourse recovers on scatted support
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Muscat bourse recovers on scatted support

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Arab Today, arab today Muscat bourse recovers on scatted support

Muscat Securities Market
Muscat - Arab Today

Shares on the Muscat Securities Market (MSM) edged up on better buying support. The MSM30 index closed higher amid lower trading activity at 5,801.27 points, up by 0.10 per cent. The MSM Sharia Index closed at 859.92 points, marginally up by 0.07 per cent. Al Anwar Holding remained the most active in terms of volume as well as turnover. Oman Textile Holding remained the top gainer, up by 10 per cent, while Al Jazeera Steel Product was the top loser, down by 2.39 per cent.

As many as 811 trades were executed on Wednesday, generating turnover of OMR2.4 million with 11.48 million shares changing hands. Out of 44 traded securities, 13 advanced, 11 declined and 20 remained unchanged. Omani investors were net buyers of OMR148,000 while GCC and Arab investors were net sellers of OMR138,000 followed by foreign investors for OMR10,000 worth of shares. 

Financial Index marginally gained by 0.09 per cent to close at 8,221.16 points. Al Anwar Holding, Bank Muscat, National Bank of Oman and Oman United Insurance increased by 1.46 per cent, 1.29 per cent, 0.99 per cent and 0.81 per cent, respectively. Muscat Finance, Al Madina Investment, Gulf Investment Services and Al Sharqiya Investment declined by 2.16 per cent, 1.45 per cent, 0.84 per cent and 0.79 per cent, respectively.

Industrial Index marginally gained by 0.05 per cent to finish at 8005.12 points. Oman Textile Holding, Oman Fisheries, Voltamp Energy and Oman Cables increased by 10 per cent, 2.81 per cent, 1.89 per cent and 0.62 per cent, respectively. Jazeera Steel Product, National Aluminium and Oman Cement declined by 2.39 per cent, 0.57 per cent and 0.40 per cent, respectively.

Services Index ended marginally lower by 0.03 per cent to close at 3,017.34 points. Port Services and Al Jazeira Services increased by 1.67 per cent and 1.02 per cent, respectively. Al Suwadi Power and Pheonix Power fell by 0.69 per cent and 0.57 per cent, respectively.

Asian markets

Asian stocks were little changed after two days of gains as investors awaited a near certain interest rate hike in the US.

The MSCI Asia Pacific Index was up by less than 0.1 per cent as of 3:18 p.m. in Hong Kong after rising on Monday and on Tuesday. The gauge was down as much as 0.3 per cent earlier as a tweet from US President Donald Trump, who said he is working on a “new system where there will be competition in the drug industry,” weighed on regional pharmaceutical shares.

“Optimism has been put in check with the prospect of higher interest rates,” said Jemmy Paul, investment director at PT Sucorinvest Asset Management in Jakarta. “Trump’s tweet also reminds us of the risk that companies in other industries are facing, especially those who are exposed to US markets.”

Still, the Asia-Pacific index is near its highest price-to-book ratio in two years. Investors have pushed up the value of global equities toward $71 trillion in a post-US election rally amid optimism Trump can boost growth with spending projects and lower taxes. The US Federal Reserve is set to meet next week.

Stocks in Japan were lower after Trump’s comments. Shanghai stocks were little changed before trade data showed February imports surged. The results were skewed because of the week-long Lunar New Year holiday.

Source :Times Of Oman

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