MSM30 rebounds as activity improves

Muscat - 

Oman’s MSM30 index rose 0.12 per cent to close Wednesday’s session at 5,894.05.

Market volume and turnover improved to 21.18mn and RO5.04mn, respectively. Of the 47 stocks traded, ten closed higher, while six slipped and 31 remained unchanged. A total of 1,273 trades were registered during the day.

The Financial index inched up 0.04 per cent, while the Industrial index advanced 0.34 per cent. The Services gauge lost 0.16 per cent. The MSM Shariah index closed 0.21 per cent higher at 898.75.

Top gainers included Raysut Cement (+1.69%), Oman Cement (+1.66%) and National Aluminium Products (+1.47%) while the laggards were led by Al Jazeira Services (-1.46%), Renaissance Services (-1.46%) and alizz islamic bank (-1.45%).

Oil halted its gains near the highest closing price in five weeks as industry data showed US petrol stockpiles expanded, keeping supplies at the highest seasonal level in more than two decades.

Futures were little changed in New York, having added 12 per cent the previous four sessions after Saudi Arabia said it was prepared to act to stabilise markets. US inventories of motor fuel increased by 2.18mn barrels last week, the American Petroleum Institute was said to report on Tuesday.

Brent for October settlement gained eight cents to US$49.31 a barrel on the London-based ICE Futures Europe exchange. The contract climbed 1.8 per cent to close at US$49.23 on Tuesday, also capping a 12 per cent gain over four sessions.

By special arrangement with Oman Arab Bank - Investment Management Group

- With inputs from Bloomberg

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