Selling pressure drags Oman shares lower

Muscat: Continued selling pressure in MSM stocks dragged MSM30 Index lower by 0.10 per cent on Sunday before closing at 3,924.24 points. The Sharia Index also closed lower by 0.52 per cent at 540.75 points. Gulf Investment Services was the most active in terms of volume as well as turnover. Dhofar Cattle Feed, up 9.18 per cent, was the top gainers on Sunday while Al Jazeera Steel Products, down 15.19 per cent was the top loser.
A total number of 352 trades were executed during the day's trading session generating turnover of OMR802,000 with more than 9.18 million shares changing hands. Out of 33 traded stocks, 6 advanced, 13 declined and 14 remained unchanged. At the session close, foreign Investors were net sellers for OMR26,000, while Omani investors were net buyers for OMR20,000, followed by GCC & Arab investors for OMR5,000 worth of shares.
Financial Index closed at 6347.37 points, down 0.36 per cent. Gulf Investment Services, Bank Dhofar, and Ominvest were down by 4.76 per cent, 1.48 per cent, and 0.60 per cent respectively. Alizz Islamic Bank, National Life & General Insurance, Oman United Insurance, Muscat Finance, and Al Madina Takaful were down by 4.76 per cent, 3.79 per cent, 2.70 per cent, 1.54 per cent, and 1.19 per cent respectively.
Industrial Index witnessed decline of 1.54 per cent before closing at 4,667.52 points. Dhofar Cattle feed and Raysut Cement closed higher by 9.18 per cent and 0.54 per cent. Al Jazeera Steel, Oman Fisheries, and Galfar Engineering were down by 15.19 per cent, 1.39 per cent, and 1.24 per cent respectively.
Services index was down 0.13 per cent before closing at 1,938.17 points. Muscat gases closed higher by 2.53 per cent. Sembcorp Salalah, down 1.91 per cent was the sole loser today from services sector stocks.