Institutional support props up Oman stocks

Muscat: Shares on the Muscat bourse recovered on better buying support from foreign institutional investors.The MSM30 Index opened the week on a positive note to close at 5,871.80 points, up by 0.20 per cent. The MSM Sharia Index ended at 890.84 points, down by 0.41 per cent. Galfar Engineering was the most active in terms of volume while Bank Muscat led in terms of turnover. The top gainer was Al Jazeera Steel, up by 9.01 per cent while Al Izz Bank was the top loser, down by 3.39 per cent.
As many as1,085 trades were executed on Sunday, generating turnover of OMR4.58 million with 18.8 million shares changing hands. Out of 42 traded securities, 14 advanced, 12 declined and 16 remained unchanged. GCC and Arab investors were net buyers for OMR128,000 followed by foreign investors for OMR79,000 while Omani investors switched to net sellers for OMR207,000 worth of shares.
Financial Index advanced by 0.47 per cent to close at 7,519.57 points. Al Anwar Holdin, Global Financial Investment, Takaful Oman, Bank Sohar and Ahli Bank gained 4.32 per cent, 4.26 per cent, 3.33 per cent, 2.17 per cent and 1.65 per cent, respectively. Al IzzIslamic Bank, Al Madina Takaful and Bank Nizwa declined by 3.39 per cent, 2.70 per cent and 1.28 per cent, respectively.
Industrial Index ended at 7,469.18 points, a gain of 0.38 per cent. Al Jazeera Steel and Al Hassan Engineering increased by 9.01 per cent and 1.28 per cent, respectively. Gulf International Chemicals, Oman Fisheries, Galfar Engineering and Raysut Cement declined by 2.71 per cent, 1.64 per cent, 0.94 per cent and 0.36 per cent, respectively.
Services Index closed on stable note at 3,228.58 points, up 0.08 per cent. Al Suwadi Power, Al Batinah Power, Al Jazeera Services, Renaissance Services and Oman Telecommunications Company (Omantel) gained 2.56 per cent, 1.52 per cent, 0.95 per cent, 0.69 per cent and 0.61 per cent, respectively. Phoenix Power, Port Services, OoredooOman and Al Maha Petroleum declined by 1.86 per cent, 0.81 per cent, 0.54 per cent and 0.33 per cent, respectively.