Muscat bourse turnover declines to OMR471 million

MUSCAT: The turnover of the Muscat Securities Market (MSM) for the first half of 2017 stood at OMR471.3 million, reflecting a drop to 15.8 per cent, compared with OMR560.4 million in the first half of last year.

The MSM was affected by a range of domestic and international factors, notably the continued decline in oil prices that affected many regional and global economies. This has impacted the sentiment of investors, who preferred selling to provide liquidity for their other investments.

The total number of securities traded in the first half of 2017 amounted to 2.1 billion securities, down from 2.7 billion in the same period last year.

The market value of securities listed on the MSM rose to OMR17.61 billion by endJune 2017, recording a gain of OMR322.4 million, compared with OMR17.28 billion at the end of last year.

The MSM main index recorded a decline of 664 points to close at 5,118 points towards the end of June 2017. The index was able to record only a monthly increase in February when it rose about 4 points, while in June it recorded the highest losses, down by 303 points. The main index of the MSM lost 229 points in March, 91 points in May, 37 points in April and six points in January.

The index reported a positive performance of 371 points in the first half of 2016, despite declines in January, May and June.

Investors in MSM are expecting financial results for the first half of 2017, which could lead to the market rising if it is positive, and liquidity may be affected by new subscriptions.