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Muscat index tracks regional market fall
The crash in Oman's securities marker continued as the Muscat Securities Market (MSM) index hit a new low for 2008 at 5,846.190, shedding 376.69 points, or 6.05 per cent.
- Staff Report
- Published: 23:50 November 16, 2008
Muscat: The crash in Oman's securities marker continued as the Muscat Securities Market (MSM) index hit a new low for 2008 at 5,846.190, shedding 376.69 points, or 6.05 per cent.
One of the country's construction giants, Galfar touched a post-IPO low of 0.655 riyal (Dh6.55) with all offers and no bids for its scrip on the floor of MSM.
Sunil Dhall of Gulf Baader Capital Markets (GBCM) expects support and buying to emerge at 0.600 for Galfar. Analyst believes that a lot of investors, who missed the allocation in the IPO will buy Gulfar stocks at that price.
Regional markets including Dubai and Saudi Arabia hit new lows on Sunday; DFM index fell below the 2,000 mark and is down more than 66 per cent from its 2008 high of 6,000.
He expected value buying in pivotals including Bank Muscat and National Bank of Oman.
"The markets are oversold and the fall is overdone," he reckons. Dhall added that the negative sentiment that has led to panic selling in the region is due to the sharp fall in oil prices that have fallen below $55 (Dh202).
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