Markets surge ahead for second straight day

Muscat: Oman's Muscat Securities Market surged ahead for the second day as the index closed at 7,717.43, an 8.37 per cent gain after the market opened at 7,121.32 on Tuesday.

"As such there were no fundamental reasons for market to fall to this level," said Ajeev Gopinathan, equity researcher with Gulf Baader Capital Markets in Muscat.

He told Gulf News that measures taken by regulators as well as regional governments have strengthened sentiment, thus fuelling the market for the second day.

"The rally in the local market is in line with the global market recovery. Market sentiment was strengthened by the revival in global equity markets in addition to efforts by the central bank and government," he added.

The measures taken by the European and American governments have also helped to revive the market, he reckons.

Out of the 52 traded counters, 48 advanced and two fell in volume of 26.55 million scrips.

Industrials gained the most at 8.27 per cent and the banking sector gained 8.16 per cent.