Muscat Securities Market indices were mixed on Wednesday, with the benchmark index MSM30 edging 0.05% higher or 3.67 points to 6,827.1. The Sharia Index retreated by 0.09% to 1,079.54 points.
“The index witnessed sideways performance in the past sessions after profit taking wave that started from 7,200 points till 6,750 points that lasted for almost one month,” Ahmed Imam, technical analyst and member of the Egyptian Society of Technical Analysts (ESTA) said.
“The level between 7,200 points till 6,750 points faced by new purchasing powers that halted the decline,” Imam added.
He expects the index to continue its sideways performance tending to rise until targeting 6,920 level with low volume and values of trading.
Liquidity advanced on Wednesday, with a total of 27.37 million shares changed hands at turnover around OMR 9.08 million.
The financial and services sectors, which boosted the index, added 0.15% and 0.21 respectively. The industrial sector shed 0.10%.
Out of 51 stocks traded Wednesday, 16 stocks advanced while 14 others retreated. The remaining stocks were unchanged.
Bank Sohar spearheaded advancers, leaping 2.15% to OMR 0.238.
Bank Nizwa was the worst performer of the day, falling 2.17% to OMR 0.090.
Bank Muscat was the most active stock in terms of trading values with more than 4 million shares changed hands worth OMR 2.5 million.