MUSCAT -- Despite the prevailing mixed trend on the global markets, the Muscat Securities Market (MSM) kept its winning streak. An emerging bourse in the Middle East, it kept the trading strength during the week ending Thursday. According to an analyst, the trend will continue to exist on the market. He said: "Investors are enthusiastic especially those who hold shares in banking and industry sectors". The market will bear more fruits in the future as is evident from the excellent performance of the listed companies in the past, he added.
A broker said: "The positive half yearly-results coming in from the companies like Oman Cables rejoice the shareholders. This will add momentum to the investor confidence and their optimism". The banking sector was in the limelight on the opening day on Sunday. National Bank of Oman, Ominvest and Bank Sohar stole the show of the trading in the banking sector on the day. The industrial sector too gyrated the positive sentiment with a gain of 0.27 per cent. The benchmark MSM 30 Index registered a rise of 0.38 per cent to close the day at 6397.570. Oman Cables was slightly under selling pressure.
The spree of the gains continued on the second day of the trade. The index reached the 6,400 mark. The activity received a boost with the active trading of BankMuscat. The volume on the day was very strong with 598,311 shares being traded. The volume of trading in the shares of National Bank of Oman was also higher on the day. Selling remained conspicuous in Raysut Cement, Al Maha, Alliance Bank and ONIC Holding.
The surge continued again on Wednesday with the banking and investment sectors registering a high of 0.93 per cent. BankMuscat advanced by 2.05 per cent. The total traded turnover amounted to R0 5.723 million with market volumes over 11.904 million shares changing hands. Bulls were again on rampage on the closing day as the index was higher by 0.14 per cent to close at 6504.18 above the previous day's closing level. "As several companies are planning expansion and the positive sentiment on the market, it will be another zoom on this week", said a broker.
By Samuel Kutty
© Oman Daily Observer 2007
