GCC institutional selling weighs down MSM

Date

9/25/2016 1:23:41 AM

(MENAFN- Muscat Daily) Muscat-

Oman's benchmark 30-share index remained in native territory despite positive triggers as GCC institutional investors sold into the local market.

The MSM30 inched down 0.03 per cent to 5,751.15 even as trading activity improved. Market turnover soared 223 per cent to RO4.51mn, while volumes jumped 153 per cent to 18.92mn.

Oil climbed near US$45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed US crude inventories declined.

All the three MSM subindices closed with gains. Market breadth was also positive as ten stocks advanced against five decliners.

Oil November futures rose by as much as 2.5 per cent in New York.

OPEC ministers can transform the gathering into an extraordinary meeting since they'll all be present, Algerian Energy Minister Noureddine Bouterfa said on public radio. Supply needs to be cut by 1mn barrels a day to rebalance the market and stabilise prices, he said.

US crude stockpiles dropped by 7.5mn barrels last week, the American Petroleum Institute was said to report.

Oil has fluctuated since August's rally on speculation OPEC and Russia will agree on ways to stabilise the market at the meeting.

Brent for November settlement rose as much as US$1, or 2.2 per cent, to US$46.88 a barrel on London's ICE Futures Europe exchange. Prices dropped 0.2 per cent to US$45.88 on Tuesday.

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