Muscat Securities Market (MSM) indices ended Monday in the red as the benchmark index gave up its morning gains to decline by 0.08% or 5.99 points and close at 7490.67 points below 7500 points after rising for four consecutive sessions.

Ahmed Imam, Arab Capital Market technical analyst and member of the Egyptian Society for Technical Analysts (ETSA), said that Muscat’s benchmark index declined today by around 6 points due to profit taking, which was expected as the index neared resistance at 7500 points.

In a statement to Mubasher, Imam added that he expected that this correctional move will continue over the next two sessions to complete the trend up to reach new levels. The level of 7370 points will act as resistance to this correction, he noted, highlighting that the . index will target 7700 points, while the strongest support will be seen at 7200 points in the coming period.

Liquidity increased compared with the last session as a total of 11.7 million shares were traded through 702 transactions at a turnover of OMR 4.3 million, whereas during last session, a total of 8.7 million shares were traded through 702 transactions at a turnover of OMR 3.6 million.

A total of 54 companies traded today, of which 11 rose, 19 declined and 24 remained unchanged.

At the sectors level, the benchmark index was pressured by the industrial sector which shed 0.04% while the financial and services sectors rose by 0.15% and 0.04% respectively.

The top three losers were Gulf Hotels which declined by 8.70% to OMR 10.500, Sharqiyah Desalination which shed 1.94% to OMR 4.805 and ONIC. Holding which lost 1.75% to OMR 0.450.

On the other hand, the top three gainers were Oman Textile Holding which rose by 4.64% to OMR 0.281, Bank Nizwa which increased by 4.71% to OMR 0.089 and SMN Power Holding which added 2.04% to OMR 0.600.

Translated by: Mohamed Massoud