Middle East conflicts hurting regional markets

Most regional markets closed [2] in the red as the conflict in the Middle East left investors cautious. [3]

The Muscat Securities Market general index extended its loss and edged down 0.28 per cent to close at 5,601.94.

Trading activity remained subdued as a total of 699 trades were executed generating a turnover of RO2.30mn, while 7.82mn shares were exchanged over the counters.

Market breadth remained in favour of decliners [4] as of the 44 securities traded for the day 15 declined, while nine advanced and 20 stocks closed unchanged.

Top gainers of the day were Al Hassan Engineering (+3.21 per cent at 161bz), Port Services Corporation (+2.65 per cent at 503bz), Oman Fisheries (+0.99 per cent at 102bz), HSBC Bank Oman (+0.47 per cent at 212bz) and Renaissance Services (+0.40 per cent at 503bz) while the top losers were Dhofar Cattle Feed (-2.26 per cent at 173bz), Construction Materials Industries (-1.79 per cent at 55bz), Bank Sohar (-1.31 per cent at 151bz), BankDhofar (-1.15 per cent at 345bz) and Al Jazeira Services (-1.07 per cent at 371bz).

Among the sectoral indices, the Financial index dropped 0.34 per cent owing to declines in banking stocks. The Industrial and Services indices closed flat.

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