Financial sector index up by 221 points

MUSCAT: The financial sector index increased by 221 points in April 2017 to close at 8,055 points due to the good performance for a number of listed companies in the sector index after the improvements in their financial statements for the first quarter this year. The optimism sentiment, which increased the share price for a number of financial sector companies, did not reflect well on the other sectors, which have been on the downside.
While the share price of 48 companies went down, 16 others went up and 13 companies remained unchanged. The decline pushed MSM 30 index, the main index for Muscat Securities Market (MSM), and other sectoral indexes down with varying degrees. The industry index has recorded the highest downturn to close at 7,452 points; a fall by 348 points.
The service sector lost 64 points and the Sharia market fell by 44 points to close at 799 points.
The downturn witnessed by MSM last month pushed MSM 30 down by 37 points to close at 5,513 points; the lowest monthly closing in 2017.
This performance is attributed to the investors’ negative sentiment due to oil price fluctuation and the effect of the prevailing economic conditions on some listed companies especially the industrial one.
While MSM has witnessed the lowest monthly value of trading in April 2017 with RO 71.4 million, the highest monthly value of trading was recorded in February 2017 with RO 116 million. By the end of April 2017, the total value of trading during the first four months of 2017 stood at RO 372.2 million compared to RO 389.8 million in the corresponding period last year. Bank Muscat share of the total value of trading stood at 11.3 per cent with RO 8.1 million followed by ACWA Power Barka share with RO 7.9 million and Al Anwar Holding with RO 5.3 million. The MSM data published showed an increase of the purchases by GCC, Arab and foreign investors to RO 16.3 million or 22.8 per cent of the total value of trading compared to sales worth of RO 13.5 million, which represent 18.9 per cent of the total value of trading. — ONA