Local buying support aids market recovery

Muscat: Sustained local interest in financial stocks propped the MSM 30 Index, which surged 1.06 per cent to end at 5,487.82 points. The MSM Sharia Index gained 0.77 per cent to close at 843.95 points.
Bank Nizwa was the most active in terms of volume while Oman Telecommunications Company led in terms of turnover. Al Anwar Ceramics, up 5.26 per cent, was the top gainer while Port Services was the top loser, with a loss of 1.64 per cent.
As many as 1,199 trades were executed on Wednesday, generating turnover of OMR5.4 million with 33.7 million shares changing hands. Out of 47 traded securities, 31 advanced, two declined and 14 remained unchanged.
Omani Investors were net buyers for OMR853,000 while GCC and Arab investors were net sellers for OMR702,000 followed by foreign investors for OMR151,000 worth of shares.
Financial Index had a strong session before closing at 6,844.65 points with gains of 1.68 per cent. National Finance, HSBC Bank, Global Financial Investment, Oman United Insurance and Bank Nizwa gained by 4.48 per cent, 4.21 per cent, 3.60 per cent, 3.25 per cent and 2.74 per cent, respectively.
Industrial Index rebounded to finish at 6,593.49 points, up by 1.07 per cent. Al Anwar Ceramics, Galfar Engineering, Al Jazeera Steel, Oman Fisheries and Oman Textiles increased by 5.26 per cent, 4.62 per cent, 2.88 per cent, 1.79 per cent and 1.76 per cent, respectively.
Services Index gained by 0.67 per cent to close at 3,114.67 points. Renaissance Services, ACWA Power, Sembcorp Salalah, OoredooOman and OIFC gained by 4.49 per cent, 2.47 per cent, 2 per cent, 0.54 per cent and 0.48 per cent, respectively. Port Services and SMN Power declined by 1.64 per cent and 1.08 per cent, respectively.