Selling pressure pulls down Oman's share index

Muscat: Selling in financial sector weighed on the MSM30 Index, which declined by 0.48 per cent to close at 5,843.77 points. The MSM Sharia Index ended at 888.92 points, down by 0.22 per cent. Al Jazeera Steel was the most active in terms of volume, while Bank Muscat led in terms of turnover. The top gainer was Al Jazeera Services, up by 3.77 per cent while Construction Materials was top loser, down 3.23 per cent.
As many as 810 trades were executed on Monday, generating turnover of OMR2.85 million with 13.08 million shares changing hands. Out of 50 traded securities, eight advanced, 17 declined and 25 remained unchanged. Omani investors switched to net buyers for OMR378,000 while foreign investors were net sellers for OMR311,000 followed by GCC and Arab investors for OMR67,000 worth of shares.
Financial Index retreated 0.68 per cent to close at 7,468.45 points. Global Financial Investment and Al Sharqia Investments increased by 2.04 per cent and 0.71 per cent, respectively. Bank Nizwa, Bank Dhofar, Ominvest and Gulf Investment Services declined by 2.60 per cent, 2.49 per cent, 1.79 per cent and 1.69 per cent, respectively.
Industrial Index ended at 7,446.34 points, down by 0.31 per cent. Al Jazeera Steel, National Detergent and Gulf International Chemicals increased by 2.48 per cent, 1.85 per cent and 0.40 per cent, respectively. Construction Materials, Al Hassan Engineering, Al Maha Ceramics, Galfar Engineering and Oman Cables declined by 3.23 per cent, 2.53 per cent, 1.69 per cent, 0.95 per cent and 0.82 per cent, respectively.
Services Index was marginally down by 0.03 per cent to end at 3,227.48 points. Al Jazeera Services, National Gas and Oman Telecommunications Company gained 3.77 per cent, 2 per cent and 0.30 per cent, respectively. Renaissance Services and Sohar Power declined by 1.72 per cent and 0.63 per cent, respectively.