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MSM30 index gains over 1% as crude rebounds

Muscat - 

Oman’s benchmark MSM30 index tracked crude’s gains and gained 1.2 per cent on Tuesday.

Oil rebounded from the lowest close in eight weeks as OPEC nations were said to be making a final diplomatic effort toward securing a deal to curb production and stabilise prices.

Trading activity on the Muscat bourse improved as volumes improved 37 per cent to 14.02mn shares traded, while turnover inched down four per cent to RO2.2mn.        

The Financial gauge was the biggest gainer among the sectoral indices, rising 1.77 per cent, while the Industrial index advanced 0.84 per cent. The Services index rose 0.34 per cent.

Market breadth remained positive as 30 stocks closed higher, against juts two decliners. Nine scrips closed unchanged.

Top gainers included Al Anwar Ceramic Tiles, Al Sharqiya Investment Holding and Oman National Engineering, which closed up 8.6 per cent, seven per cent and six per cent, respectively.

Brent for January settlement gained as much as 95 cents to US$45.38 a barrel on the London-based ICE Futures Europe exchange.

By special arrangement with Oman Arab Bank -Investment Management Group

- With inputs from Bloomberg

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