Turnover of Muscat bourse touches OMR993m

Business Saturday 06/January/2018 17:14 PM
By: Times News Service
Turnover of Muscat bourse touches OMR993m

Muscat: Oman's Muscat bourse posted a turnover of OMR992.7 million in 2017, showing a growth of 3.5 per cent over the previous year.
This increase was supported by a higher turnover in the bond and sukuk market, which rose to OMR76.1 million, compared to OMR13.4 million in 2016. The value of trading in the equity market declined by 3 per cent to OMR916.6 million, compared to OMR945.4 million in 2016.
The market recorded a decline in the number of transactions in 2017, which were some 164,000, compared to more than 200,000 transactions in 2016.
The Muscat Securities Market in 2017 witnessed a number of domestic and regional pressures that pushed stocks down, such as the impact of oil prices on the Gulf economies, the decline in profits of a number of listed companies, and the fall of investor confidence with the continued decline in stock prices, which led the main index to lose 683 points to close at 5,099 points, down by 11.8 per cent.
Further, all sectoral indices recorded a decline. The industry sector index fell by 573 points, the services sector index shed 415 points, the financial sector index dropped 197 points and the Sharia Index declined by 155 points.
During the past year, prices of 75 securities declined, 22 securities rose and another 22 maintained their previous levels. Oman Fisheries was the top gainer, closing at 147 baisas, up by 141 per cent from its 2016 level of 61 baisas. Also, Oman Textile Holding rose by 83.8 per cent to close at 570 baisas. Oman Oryx Leasing rose to 175 baisas, an increase of 40 per cent.
However, the National Securities Company recorded the highest loss, to close at 40 baisas, down about 60 per cent from its 2016 level of 98 baisas. Muscat Insurance was second among the top losers, closing at 856 baisas, down by 52.1 per cent from 2016's high of OMR1.790. The National Gas shares fell to 285 baisas, down by 50.1 per cent from the end of 2016's high of 572 baisas.
Banks and telecoms led the way in turnovers. Bank Sohar came in first with OMR105.1 million, representing 10.6 per cent of the total turnover. Bank Muscat was second, with OMR101 million, representing 10.1 per cent of the total value of trading. Ominvest ranked third with OMR87.2 million, Omantel had a turnover of OMR78.3 million, and Ooredoo OMR59.1 million.
The market value of listed companies at the end of last year witnessed an increase of 3.8 per cent, to reach OMR17.9 billion, compared to OMR17.3 billion at the end of 2016. This rise was due to the increase in the market value of closed companies, which jumped to OMR1.7 billion, compared to OMR6.3 billion in 2016.
The market value of bonds and sukuk rose from OMR1.9 billion to OMR2.6 billion. The market value of public shareholding companies declined to OMR8.4 billion, compared to OMR8.9 billion at the end of 2016.