MSM30 falls 1.13% on weak earnings season

July 16, 2017

The benchmark index of the Muscat Securities Market (MSM) sharply fell 1.13 per cent on Sunday as many listed firms reported declines in their earnings for the first half of 2017. The MSM30 index recorded a decline of 57.6 points and closed at 5,063.76 points.

Market turnover decreased 12.51 per cent to RO2.17mn while volumes fell 27.22 per cent to 10.62mn shares.

All the sectoral indices closed in red territories. While Financial and Industrial indices fell by 0.55 per cent each; the Services index fell by 1.06 per cent. The MSM Shariah index closed down by 0.5 per cent at 755.87 points.

Market breadth remained negative as five companies closed up, while 12 companies closed down. The rest 13 traded stocks closed flat for the day.

Top gainers were Bank Nizwa (2.15 per cent), Oman Orix Leasing (1.18 per cent), National Bank of Oman (0.96 per cent) and Al Madina Takaful (0.89 per cent).

Top losers were National Gas Company (-8 per cent), Gulf International Chemicals (-6.49 per cent), Oman Fisheries (-4.35 per cent) and Oman Investment and Finance Co (-3.51 per cent).