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Blue chips weigh on MSM at Sunday’s close

Blue chips weigh on MSM at Sunday’s close
Trading volume on Sunday shrank to 10.62 million shares from 14.6 million shares on Thursday

Mubasher: The general index of the Muscat securities Market (MSM), pressured by leading stocks, closed Sunday’s session with a decrease of 1.13% or 57.62 points to the level of 5,063.76 points.

The MSM index was pressured by its leading stocks Gulf International Chemicals (GICI), Oman Fisheries, and Oman Investment and Finance (OIFC), which dropped 6.49%, 4.35%, and 3.51%, respectively.

Earlier on Sunday, Oman Fisheries attributed its turning to losses to the shutting down of its factories.

The services sector led losers with 1.06%, pressured by five stocks including National Gas and Omantel, which fell by 8% and 3.33% respectively.

On Sunday, Omantel announced a 46.88% profit drop in the second quarter of 2017 to OMR 17 million, compared to OMR 32 million in Q2-16.

Meanwhile, the financial and industrial sectors fell 0.55% each. Three stocks in the financial sector declined including Bank Dhofar which dropped by 3.15%, while the industrial stock Gulf International Chemicals fell 6.49%.

Trading volume on Sunday shrank to 10.62 million shares from 14.6 million shares on Thursday, while liquidity slipped to OMR 2.18 from OMR 2.49 million.

Oman Fisheries led in terms of trading volume with 3.1 million shares exchanged, while Bank Muscat was the most active in terms of turnover with OMR 740,170.