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MSM drops 4.5% in week on all-sector decline

MSM drops 4.5% in week on all-sector decline
Photo Credit: Arabianeye-Reuters

 

Mubasher: The Muscat Securities Market (MSM) ended the week on an overall negative note after the benchmark index plunged 4.48% or 273.07 points to close at 5,816.80 points, compared to last week’s closing of 6,089.87 points.

The Shariah index retreated 3.97% or 37.74 points to 911.76, compared to 949.5 points the week before.

Turnover during the week reached OMR 28.9 million ($74.43 million) as 128.6 million shares 7,391 transactions. A total of 61 companies traded this week, of which nine gains, 41 retreated and 11 stabilised.

Market capitalisation fell 1.31% or OMR 20 billion this week to OMR 14.66 billion ($37.76 billion), from OMR 14.86 billion ($38.46 billion) last week.

The MSM’s three sectors retreated this week, led by the financial sector which dropped 4.40% followed by the services and industrial sectors with 3.45% and 3.20%, respectively.

United Power topped risers, soaring 9.98%, whereas National Aluminium Products Company was the biggest loser, plunging 16.67% during the week.

Phoenix Power was the most active in terms of traded volume this week with 30.9 million shares traded, while Bank Muscat was the most active in terms of turnover with OMR 4.6 million.