The MSM30 Index witnessed a sell-off on Sunday in its first day of trading after rating agency Standard & Poor downgraded US' credit rating on Friday, which triggered volatility in global equities amid heightened uncertainty over the outlook for the global economy.
The local index plummeted 1.87 per cent to close at a new two-year low as selling took place across the board.
Omantel (+0.10 per cent at RO1.04) was the only stock to buck the trend and close in the green while heavyweight BankMuscat (-4.60 per cent at 685bz) was by far the most traded stock, followed by Oman Investment and Finance Co (-7.23 per cent at 154bz), both posting large losses.
ACWA Power Barka (-9.97 per cent at RO1.183) and Oman Fisheries (-8.08 per cent at 91bz) were the session's worst performers, closely followed by ONIC Holding (-7.22 per cent at 180bz) and Al Batinah Development & Investment (-6.98 per cent at 40bz).
The Services Index lost 2.17 per cent on the back of Renaissance Services (-3.87 per cent at 771bz) and Nawras (-3.74 per cent at 644bz).
Sector heavyweights BankMuscat and National Bank of Oman (-3.13 per cent at 310bz) plummeted, leading the Financial Index down 2.08 per cent.
The Industrial Index fell by 1.84 per cent on the back of Oman Cement (-2.50 per cent at 508bz) and Galfar Engineering (-2.02 per cent at 389bz).
By arrangement with National Bank of Oman
© Muscat Daily 2011
