Home News Business Increased local buying, oil rebound boost MSM shares

Increased local buying, oil rebound boost MSM shares

 Staff Reporter


Local institutional buying coupled with a rebound in oil prices pushed up shares on the Muscat Securities Market, with the index rising 0.9 per cent on Wednesday.

MSM 30 general index rose 44.75 points to close at 5042.28 points compared to 4997.53 points in the previous session.

Oil prices on Wednesday rose after Iraq’s oil minister said Opec and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in US inventories.

US West Texas Intermediate (WTI) crude futures were up 34 cents at $49.82 a barrel at 0018 GMT while Brent crude futures were 24 cents higher at $55.38.

The trading value on the MSM zoomed 1026.7 per cent to 23.25 million rials from 2.06 million rials in the previous session.

The number of total traded securities also surged 899.12 per cent to 139.46 million shares from 13.96 million shares in the last session.

The market capitalisation rose 0.21 per cent to reach 17.52 billion rials.

Galfar Engineering and Constructions, Ooredoo, Al Sharqia Investment Holding, United Finance and Renaissance Services were the top five gainers. Oman Cables Industry, Al Madina Takaful, HSBC Bank Oman, Vision Insurance and Port Services Corporation were the top losers on the bourse.

Bank Sohar shares saw increased buying, with the scrip leading the list of top traded securities in terms of value on the bourse after the lender’s  two key appointments on Tuesday.

The bank appointed Abdul Hafeedh Al Balushi as the assistant general manager and head of the Small and Medium Enterprises (SME) division and Kamran Haider as senior AGM and head of internal audit. The appointments were part of the leader’s move to strengthen senior management capabilities and internal control and focus on SME sector, the lender said in a filing on Tuesday.

Galfar Engineering, Ooredoo, Al Anwar Holding and Ahli bank were the other top traded securities based on value on the bourse. Bank Sohar, Galfar Engineering, Al Anwar, Al Madina and Al Sharqia Investment were the top traded securities in terms of volume.

Local institutions and retailers bought 138.40 million shares, accounting for 99.24 per cent of the total trading.

The value of shares bought by non-Omani investors reached 202,000 rials comprising 0.87 per cent.

The value of shares sold by non-Omani investors reached 206,000 rials comprising 0.89 per cent. The net non-Omani investment declined by 0.02 per cent to 4,000 rials.