Muscat Securities Market indices edged higher on Tuesday, with the benchmark index MSM30 edging 0.05% higher or 3.2 points to 6,823.43. The Sharia Index rose slightly by 0.01% to 1,080.52 points.
“Stability of Muscat main index above the support level of 6,800 points is a positive sign despite limited rise,” Sameh Gharib, head of technical analysis at Roots Securities said.
“The limited rise is attributed to market’s lack of trust in more rises especially the market is witnessing sideways performance after a downside trend lasted for more than 4 weeks,” he said.
He expects the index to continue rising in the coming sessions and stabilizes above 6,800 level and targeting 6,880 and then 6,950.
Liquidity retreated on Tuesday, with a total of 25.2 million shares changed hands at turnover around OMR 8.28 million.
The financial and services sectors, which boosted the index, added 0.14% and 0.09 respectively. The industrial sector shed 0.08%.
Out of 49 stocks traded Tuesday, 9 stocks advanced while 10 others retreated. The remaining stocks were unchanged.
Takaful Oman Insurance spearheaded advancers, leaping 2.83% to OMR 0.109.
National Aluminum Products was the worst performer of the day, falling 7.6% to OMR 0.316.
Oman Investment and Finance Ltd was the most active stock in terms of trading values with more than 7.6 million shares changed hands worth OMR 2.2 million.