The announcement of half-year earnings mowed down the Muscat Securities Market with the index shedding 57.62 points on Sunday to close at 5,063.76 points, a 1.13 per cent fall.
Index heavyweights comprising mainly banking and telecom stocks took a beating. The
value of traded securities went down by 12.5 per cent to reach 2.18 million rials.
The number of securities traded was down by 27.22 per cent to be at 10.62 million. Of the 30 companies traded, only five posted gains and 12 firms reported loss.
Market capitalisation fell by 0.56 per cent to reach 17.47 billion rials.
At the end of the first half of the year, the index companies witnessed a 22.8 per cent decline in earnings.
According to Joice Mathew, Head of Research at the United Securities, the total earnings of the index companies was 267 million rials, down from 345.6 million rials in the same period last year.
The fall was high in the telecom companies whose earnings declined by 40 per cent to 54.6 million rials from 91 million rials last year.
In the case of banks, the fall was 6.5 per cent with earnings at 165.3 million rials from 177 million rials during the same period last year.
On Sunday, the financial index fell by 0.55 per cent to close at 7,532.99 points, industrial by the same percentage to close at 6,797.76 points,
services by 1.06 per cent to close at 2,553.90 points and Sharia by 0.5 per cent to close at 755.87 points.
The top gainers of the day were Bank Nizwa, Oman Orix Leasing, National Bank of Oman, Al Madina Takaful and Al Jazeera Services.
The big losers of the day were National Gas, which hit the lower circuit, Gulf International Chemical, Oman Fisheries, Oman Investment and Finance and Omantel.
The top securities traded on the basis of value were Bank Muscat, Omantel, Oman Fisheries, Oman Orix Leasing and Bank Nizwa, together accounting for 82.34 per cent of the turnover.
Oman Fisheries, Bank Muscat, Oman Oril Leasing Bank Nizwa and Bank Sohar led in the securities traded on the basis of volume and had a share of 77.58 per in the trade.
Local individuals and institutions had a 90.3 per cent share in the purchase value and 72.4 per cent in the sell value.
Foreign investors had a share of 8.3 per cent in the purchase value and 21.4 per cent in the sell value.
The net foreign investment on the market fell by 17.87 per cent to 389,000 rials.