MSX trading value jumps to OMR92.9 million

Muscat: Trading value on the Muscat Stock Exchange (MSX) jumped last week to OMR92.9 million, compared to OMR25.4 million in the previous week, benefiting from the listing of OQ Gas Networks Company on the Muscat Stock Exchange, and the Dubai Financial Group selling part of its shares.

The trading value of OQ Gas Networks shares amounted to OMR47.39 million, accounting for about 50 percent of the total trading value, while the trading value of Bank Muscat shares amounted to OMR35.74 million, representing 38.4 percent of the total trading value.

Last week, the Muscat Stock Exchange listed OQ Gas Networks Company for trading, effective October 24, after completing its transformation into a public joint stock company with a capital of OMR433.62 million. The stock was listed at a price of 140 baisas. The stock was able to rise on the first day of its listing to 159 baisas, but it declined. It then fell amid strong selling, especially from subscribers who obtained bank financing. The stock closed at the end of last week’s trading at 150 baisas, up 10 baisas from the listing price of 140 baisas and 24 baisas from the subscription price for the individual category, which was 126 baisas.

Last week, Bank Muscat's stock witnessed a decline of 5.2 percent and closed at 254 baisas after it fell during trading to 250 baisas. The stock was exposed to pressure during the past two weeks, falling from the level of 287 baisas on October 12 to 254 baisas last week, recording a decline of 33 baisas, which prompted... The bank's market value decreased from two billion and 154.3 million Omani rials to 1.9 billion Omani rials.

The market capitalisation of the Muscat Stock Exchange declined at the end of last week’s trading to OMR23.67 billion, recording losses of OMR820,000.

Last week, the prices of 35 securities declined, compared to 8 securities whose prices rose and 23 securities stabilised at their previous levels. OQ Gas Networks shares recorded the highest increase, rising by 7.1 percent and closing at 150 baisas, and United Finance shares rose by 3.7 percent and closed at 56 baisas, and rose. A'Saffa Foods shares rose by 1.7 percent to 295 baisas, Abraaj Energy Services shares rose by 1 percent and closed at 299 baisas, and Omantel shares recorded a slight rise of less than 1 percent and closed at 20 baisas.