Buying interest lifts Oman shares higher

Muscat: Renewed buying interest in financial sector stocks boosted the MSM30 Index higher by 0.72 per cent on Wednesday before closing at 3,943.46 points. The Sharia Index also closed higher by 0.19 per cent at 545.42 points. The market witnessed a special deal in Majan College where 65 per cent of the company’s shares were transferred. This led to Majan College being the most active in terms of both volume and turnover. Oman & Emirates, up 6.85 per cent, was the top gainer while Al Hassan Engineering, down 4.76 per cent was the top loser.
A total number of 636 trades were executed during the day's trading session generating turnover of OMR11.36 million with more than 68.61 million shares changing hands. Out of 38 traded stocks, 16 advanced, 6 declined and 16 remained unchanged. At the session close, GCC & Arab Investors were net sellers for OMR10.18 million, while Omani investors were net buyers for OMR9.98 million, followed by foreign investors for OMR198,000 worth of shares.
Financial Index closed at 6370.44 points, up 1.15 per cent. Oman & Emirates Investment Holding Company, Al Anwar Holding, Al Madina Investment, United Finance, and Alizz Islamic Bank were up by 6.85 per cent, 4.44 per cent, 4.35 per cent, 4.29 per cent, and 3.70 per cent respectively. Al Madina Takaful Ahli Bank, and National Bank of Oman were down 0.97 per cent, 0.86 per cent, and 0.61 per cent respectively.
Industrial Index witnessed gain of 0.02 per cent before closing at 4,757.23 points. Oman Fisheries, up 2.78 per cent, was the only industrial stock that closed higher on Wednesday. Galfar Engineering and Al Anwar Ceramic Tiles were down by 1.21 per cent, and 0.97 per cent respectively.
Services index was up 0.67 per cent before closing at 1,951.22 points. Al Batinah Power, Renaissance Service, Al Maha Petroleum Products, and Al Suwadi Power were up by 2.67 per cent, 2.53 per cent, 1.49 per cent, and 1.32 per cent respectively.