7/ MSM Index Falls for 3rd Week in a Row.
Muscat, May 28 (ONA) ----The main index of Muscat Securities Market (MSM) last week fell for the third week in a row amid a lull in trading volumes.
The index closed at 5914 points, down 16 points. The index did not find sufficient support from the listed companies in the sample price index with the volatility of oil prices and as investors feared that prices will decrease again.
The performance of the sectoral indices were also negative. The financial sector index recorded the highest losses and closed at 7575 points, down 71 points. The services index fell 10 points, and the industrial index 8 points. The Sharia-compatible market index kept flat at its previous level of 886 points.
32 companies shares prices fell last week, compared with a rise of 14 companies, while 23 companies maintained their previous levels. United Finance shares were on top of rising shares and closed at 155 Baisa, up 7.6%. Muscat Finance shares rose 1.6% to close at 124 Baisa. Al Madina Investment shares rose 1.5% to close at 64 Baisa.
Shares of Muscat Gases were on top of declining shares and closed at 748 Baisa, down 9.6%. Sohar Power shares fell 9.6% to close at 318 Baisa. Taajeer Finance shares fell 4.5% to close at 127 Baisa.
MSM witnessed last week lull in trading activity. Total trading amounted to RO14.1 million, compared to
RO23.2 million in the previous week. Number of transactions declined from 5364 to 3467.
Telecommunication companies (Omantel and Ooredoo ) accounted for 23.2% of the total market trading volume last week. Omantel topped the most active companies in terms of turnover of RO2.1 million, claiming 15.1% of the trades. Ooredoo came second with RO1.1 million, claiming 8.1% of the trades.
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