Muscat bourse plunges again

Muscat: After Tuesday’s rebound, renewed weakness in crude prices and geopolitical factors pressured markets on Wednesday. The MSM30 Index shed 1.83 per cent to close at 4,890.65 points. The MSM Sharia index ended at 803.28 points, down by 1.33 per cent.
Bank Muscat was the most active in terms of volume as well as turnover. Al Madina Investment, which was up by 2.04 per cent, was the top gainer while the top loser was Global Financial Investment, down by 9.91 per cent.
As many as 788 trades were executed on Wednesday, generating a turnover of OMR3.77 million with 16 million shares changing hands. Out of 40 traded securities, four advanced, 21 declined and 15 remained unchanged. Omani investors were net buyers for OMR232,000 while foreign investors were net sellers for OMR126,000 followed by GCC and Arab investors for OMR106,000 worth of shares.
Financial Index declined heavily by 2.73 per cent to close at 5,784.56 points. Al Madina Investments and Ominvest gained 2.04 per cent and 0.45 per cent, respectively. Global Financial Investment, Al Izz Bank, Oman United Insurance, Bank Nizwa and Al Anwar Holding declined by 9.91 per cent, 9.52 per cent, 8.52 per cent, 7.58 per cent and 6 per cent, respectively.
Industrial Index ended the session at 6,473.89 points, down 0.22 per cent. Al Jazeera Steel, up by 0.73 per cent, was the only gainer. Oman Fisheries, Galfar Engineering, Construction Materials and Al Maha Ceramics declined by 4.17 per cent, 3.57 per cent, 3.45 per cent and 0.59 per cent, respectively.
Services Index closed at 2,811.13 points, down 1.31 per cent. Renaissance Services, Al Jazeera Services, OIFC, Oman Education & Training and Omantel fell by 9.84 per cent, 8.73 per cent, 5.29 per cent, 3.13 per cent and 3.10 per cent, respectively.