Muscat financial market up as global equity performance improves
Positive global equity markets rubbed off on the Muscat Securities Market general index, which closed Wednesday's trading up 0.53 per cent at 6,352.19.
Trading activity improved further as a total of 2,940 trades were executed, generating a turnover of RO13.84mn, while 46.26mn shares were exchanged over the counters.
For the second consecutive day, Gulf Investment Services and Oman Investment and Finance closed with highest volume and turnover, respectively. Market breadth stood in favour of advancers as of the 53 securities traded for the day 24 advanced while 13 declined and 16 closed unchanged.
The top gainers for the day were Renaissance Services (+5.47 per cent at 578bz), Construction Material Industries (+4.41 per cent at 71bz), Al Sharqia Investment Holding (+4.37 per cent at 191bz), Oman and Emirates and Investment (+3.57 per cent at 174bz) and Al Batinah Development and Investment (+3.45 per cent at 90bz) while the top losers were Dhofar Cattle Feed (-7.20 per cent at 245bz), Transgulf Investment Holding (-4.12 per cent at 163bz), BankDhofar (-1.10 per cent at 360bz), DIDIC (-1.03 per cent at 482bz) and Taageer Finance (-0.62 per cent at 161bz).
The Financial index ended the day up 0.29 per cent owing to gains from bank muscat (+1.09 per cent at 647bz). The Industrial gained 0.58 per cent while the Services sector index closed with a 0.93 per cent gain for the day, supported by Renaissances Services.
- 'Interesting potentional': why, despite all, global investors can't keep their eyes off MENA stocks
- Need some space? UAE's banking sector is getting too crowded
- Bank funding in the Middle East doesn't boil down to liquidity alone
- Why is the Israeli shekel so weak?
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'