Sunday 24 / November / 2024
Muscat: The benchmark index of the Muscat Stock Exchange (MSX) last week consolidated its gains, benefiting from the rise in shares of banks and a number of other leading companies, amid optimistic expectations that the public shareholding companies listed on the stock exchange will report good results in their fiscal year ending on December 31, 2022.
The index rose to about 4,880 points, up 11 points at the end of last week's trading, after it rose 10 points in the first week of this year. The financial sector index rose last week by 27 points, but the state of anticipation for more financial results affected the shares of several industrial and corporate companies. The services sector was down by 50 points while the Sharia index lost 7 points.
Last week, the Muscat Stock Exchange witnessed four trading days only and the value of trading amounted to OMR8.5 million compared to OMR14 million Omani riyals in the previous week. The number of transactions executed decreased from 2,587 transactions to 1,283 transactions.
Last week’s trading showed a diversification in the five most traded companies, distributed among stocks, Sukuk and investment units in real estate funds.
About 4.8 million units of the Pearl Real Estate Investment Fund were traded at a value of OMR561,000. The fund’s shares accounted for 11.4 per cent of the total number of traded securities and 6.6 per cent of the total trading value.
During the past week, about 4.2 million Sukuk of Al-Barwani were traded at a value of OMR1.6 million, accounting for about 19 per cent of the total trading value. In the stock market, United Finance, Al Anwar Investments and Bank Muscat came At the forefront of the most traded companies in terms of the number of securities, while Bank Muscat, Omantel and Ominvest came at the forefront of the most traded companies in terms of turnover.
The prices of 15 securities increased compared to 33 securities whose prices declined and 19 securities stabilised at their previous levels last week.
The share of Al-Madina Investment, which is listed on the follow-up market, recorded the highest rise, up by 20 per cent and closed at 30 baisas, and the share of Al-Sharqiya Investment rose by 8.6 per cent and closed at 138 baisas, while the share of Oman Oil Marketing Company rose to 960 baisas, higher by 6.6 per cent.
The share of Omani Packaging topped the losing stocks, down by 9.7 per cent and closed at 195 baisas. The share of Al Batinah Development and Investment declined by 9 per cent and closed at 40 baisas while the share of Oman and Emirates Investment Holding Company fell by 7.7 per cent and closed at 72 baisas.
Among the companies’ news, the Salalah Mills Company said that the company’s board of directors approved, at its meeting on January 5, the operating and capital budget for the year 2023, and also approved the establishment of a company for grain trade in the free zone in the Dubai Multi Commodities Centre (DMCC) under the name 'Salalah International Grain Trade Company.'
Phoenix Energy Company reminded investors of the decision taken by the annual ordinary general assembly of the company last year, which stipulated that the company distribute cash dividends from the retained earnings from the fiscal year ending in December 2021.
