Muscat Securities Market (MSM) rose at Wednesday’s closing. The benchmark index soared for the second consecutive session gaining 0.53%, or 38.88 points and closed at 7438.92 points, while Al Sharia index declined by 0.11% to 1070.17 points.

Market value gained OMR 51 million to OMR 15.496 billion against OMR 15.445 billion yesterday.

Ahmed Abdel-Hamid, Managing Director of Watheeqa Securities Brokerage, said that Muscat’s main index increased today by 0.53% or 39 points and closed the trading session at 7438.92 points.

The market will continue its upward trend on the short term targeting the level of 7450 pts and 7500 pts respectively, Abdel Hamid told Mubasher in a statement, adding that the index will face support at 7345 points, then 7322 points.

Liquidity rose compared with the last session. A total of 26.8 million shares were traded through 1679 transactions at a turnover of OMR 9.9 million, while yesterday, a total of 16 million shares were traded through 1234 transactions at a turnover of OMR 6.4 million. A total of 49 companies traded today, of which 20 rose, 10 declined and 19 remained unchanged.

Market sectors recorded a semi-collective rise led by the financial sector, which gained 1.22% followed by the industrial sector which inched up slightly by 0.01%. Meanwhile, the services sector recorded the only decline of 0.04%.

The top three gainers were Global Financial Investment whose shares increased 7.32% to OMR 0.132, OMINVEST which soared by 3.67% to OMR 0.452 and Oman United Insurance which increased by 2.86% to OMR 0.432.

The top three losers were Dhofar Cattle Feed which dipped by 2.70% to OMR 0.180, Al Jazeera Services which decreased by 1.35% to OMR 0.438 and Nawras whose shares plunged by 1.21% to OMR 0.652.