Muscat Securities Market (MSM) indices rose on Sunday as the market’s benchmark index gained slightly by 0.08% or 6.01 pts to 7367.16 pts. Meanwhile, Al Sharia Index added 0.13% to 1072.13 pts.
Sameh Gharib, head of the technical analysis department at The Roots Securities, noted that the market’s main index rose slightly by 0.08% to 7367 pts.
The market’s benchmark index continues to try to reach and pass the resistance level of 7373 pts, Gharib told Mubasher in a statement, adding that today was the index’s third attempt. Increased liquidity was clear today compared to the previous sessions, he explained.
The index is expected to test the level of 7373 pts in the coming sessions, Gharib said, adding that should the index succeed in passing that level it will move on to the level of 7500 pts, its first resistance level after 7373 pts. Meanwhile, in terms of support levels, the index will find support at 7322 and 7287, respectively.
Liquidity increased compared to the previous session as turnover was seen at OMR 6.66 million against OMR 5.86 million, as 27.8 million shares changed hands against 12.3 million on Thursday, through the execution of 950 transactions on 959 last week.
Investors traded on the stocks of 55 companies, of which 14 gained, 9 retreated and 32 remained unchanged.
Market performance was supported by the semi-collective rise of market sectors led by the industrial and services sectors, which gained 0.27% and 0.16%, while the financial sector recorded the only decline by 0.14%.
Oman Fiber Optics topped gainers after adding 3.30% to OMR 5.005, followed by Port Services Corporation and United Finance, which gained 2.08% and 1.47% to OMR 0.490 and OMR 0.138, respectively.
On the other hand, Takaful Oman Insurance led decliners after shedding 1.96% to OMR 0.100, followed by Gulf Investment Services and Oman Fisheries, which lost 1.21% and 1.10% to OMR 0.246 and OMR 0.090, respectively.
Sameh Gharib, head of the technical analysis department at The Roots Securities, noted that the market’s main index rose slightly by 0.08% to 7367 pts.
The market’s benchmark index continues to try to reach and pass the resistance level of 7373 pts, Gharib told Mubasher in a statement, adding that today was the index’s third attempt. Increased liquidity was clear today compared to the previous sessions, he explained.
The index is expected to test the level of 7373 pts in the coming sessions, Gharib said, adding that should the index succeed in passing that level it will move on to the level of 7500 pts, its first resistance level after 7373 pts. Meanwhile, in terms of support levels, the index will find support at 7322 and 7287, respectively.
Liquidity increased compared to the previous session as turnover was seen at OMR 6.66 million against OMR 5.86 million, as 27.8 million shares changed hands against 12.3 million on Thursday, through the execution of 950 transactions on 959 last week.
Investors traded on the stocks of 55 companies, of which 14 gained, 9 retreated and 32 remained unchanged.
Market performance was supported by the semi-collective rise of market sectors led by the industrial and services sectors, which gained 0.27% and 0.16%, while the financial sector recorded the only decline by 0.14%.
Oman Fiber Optics topped gainers after adding 3.30% to OMR 5.005, followed by Port Services Corporation and United Finance, which gained 2.08% and 1.47% to OMR 0.490 and OMR 0.138, respectively.
On the other hand, Takaful Oman Insurance led decliners after shedding 1.96% to OMR 0.100, followed by Gulf Investment Services and Oman Fisheries, which lost 1.21% and 1.10% to OMR 0.246 and OMR 0.090, respectively.
Source:
Mubasher Exclusive
