MSM30 declines, ending recent rally

The MSM30 index ended its recent rally shedding 0.16 per cent on strong net selling by foreign investors. Trading activity improved as around 10.5mn shares exchanged hands while turnover amounted to RO3.1mn.

Oman United Insurance surged 1.58 per cent to close at 129bz on heavy volumes after announcing a dividend distribution. Oman Investment and Finance (2.65 per cent at 194bz) was also relatively active, closing higher, while ONIC Holding (-3.03 per cent at 192bz) and BankMuscat (-0.41 per cent at 721bz) edged lower as the former reversed recent gains.

National Aluminium (-3.9 per cent at 370bz) and Global Investment (-3.39 per cent at 57bz) were among the worst performers while Ahlibank (0.39 per cent at 257bz) and Al Maha Petroleum (0.36 per cent at RO14) posted gains, bucking the market trend.

The Industrial sector index shed 0.6 per cent on the back of Galfar Engineering (-1.74 per cent at 338bz) and National Aluminium.

The Services sector index traded sideways, slipping 0.04 per cent as Renaissance Services (-0.18 per cent at 560bz) and Nawras (-0.32 per cent at 620bz) retreated. National Bank of Oman (-0.32 per cent at 316bz) and heavyweight BankMuscat weighed on the Financial index which shed 0.29 per cent.  

By arrangement with National Bank of Oman