Muscat Securities Market indices declined on Wednesday, with the benchmark index MSM30 shedding 0.49% or 33.62 points for the fourth consecutive session to 6,781.22. The Sharia Index inched lower by 0.19% to 1,073.71 points.
The market value shed OMR 46 million to reach OMR 14,146 billion.
“If the index continued to witness weakness in volume and values of trading, it is expected to target support level of 6,750 points Thursday and then further declines targeting 6,640 points,” Ahmed Imam, technical analyst and member of the Egyptian Society of Technical Analysts (ESTA) said.
Liquidity advanced Wednesday, with a total of 17.58 million shares changed hands at turnover around OMR 8.16 million.
The financial sector, which weighed on the index, declined 0.66%, while the industrial and services sectors shed 0.24% and 0.18%.
Out of 45 stocks traded Wednesday, 24 stocks declined while 6 others advanced. The remaining stocks were unchanged.
Bank Muscat the worst performer of the day, falling 1.95% to OMR 0.604.
Sweets of Oman spearheaded advancers, leaping 2.78% to OMR 1.110.
Bank Muscat was the most active stock in terms of trading volume and values with more than 5.97 million shares changed hands worth OMR 3.6 million.