Selling pressure pulls down MSM index

Muscat: Selling in most index stocks led the MSM 30 to decline 0.38 per cent and close at 5,816.82 points. Special deal in Renaissance bonds led to higher turnover. The MSM Sharia Index ended at 884.88 points, down by 0.28 per cent.
Renaissance bonds were most active in terms of volume and turnover. Phoenix Power was only gainer, up by 3.33 per cent, while Al Jazeera Services was top loser, down by 6.50 per cent.
As many as 585 trades were executed on Wednesday, generating turnover of OMR12.88 million with 75.1 million shares changing hands. Out of 47 traded securities, one advanced, 19 declined and 27 remained unchanged. Arab and GCC investors were net buyers to the tune of OMR238,000 worth of shares followed by foreign investors atr OMR219,000. Omani investors, who were net sellers, sold shares amounting to OMR457,000.
Financial Index declined by 0.46 per cent to close at 7,410.53 points. Oman & Emirates Holding, Takaful Oman, Gulf Investment Services, Al IzzIslamic Bank and Oman United Insurance declined by 3.60 per cent, 3.23 per cent, 1.75 per cent, 1.75 per cent and 1.73 per cent, respectively.
Industrial Index closed at 7,375.33 points with a loss of 0.37 per cent. Al Jazeera Steel, Galfar Engineering, Al Anwar Ceramics, Oman Cement and Gulf International Chemicals declined by 1.23 per cent, 0.96 per cent, 0.86 per cent, 0.85 per cent and 0.80 per cent, respectively.
Services Index ended negatively at 3,211.01 points, down by 0.52 per cent. Phoenix Power gained 0.64 per cent to close at OMR0.158. Al Jazeera Services, Al Batinah Power, Renaissance Services, OIFC and Port Services declined by 4.55 per cent, 4.50 per cent, 2.85 per cent, 1.51 per cent and 0.41 per cent, respectively.