In line with the positive global sentiment, the Muscat Securities Market too witnessed an impressive turnaround. The benchmark MSM-30 index closed positive for the fifth consecutive week in a row, which is for the first time in the last one year. Turnover saw a surge of 18 per cent in the last week with the market breadth increasing by 10 per cent.
“The huge volume is a clear indication that the bounce is sustainable. More speculative money is coming into the market from holding companies”, says Sankar Kailasam, Senior Vice-President, Gulf Baader Capital Markets. At the same time lack of interest from institutional buyers raises concern. “There has not been much rise in blue chip companies. The market lacks rally in fundamental shares like banking”, he adds.
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