MSX sees increased interest in buying by investors

Muscat: Investors' interest in buying increased the Muscat Stock Exchange (MSX) with the market capitalisation  of securities listed on the MSX rising to OMR24.15 billion during the week, recording weekly gains of OMR76.2 million, benefiting from investors' interest in buying and the rise in stock prices.

During the week, prices of 35 securities rose compared to 34 securities whose prices declined, and 12 securities remained unchanged at their previous levels. Barka Water and Power shares recorded the highest increase, rising by 35 percent and closing at 88 baisas, SNN Power Holding shares rose by 29 percent and closed at 249 baisas, Al Hassan Engineering shares rose 11 baisas, an increase of 10 percent, Al Anwar Investments shares rose by 6.2 percent and closed at 85 baisas and National Bank of Oman  (NBO) shares rose to 275 baisas, an increase of 5.7 percent.

Oman Cement stock came at the top of the losing stocks, declining by 11.9 percent and closing at 502 baisas, Gulf International Chemicals stock fell to 90 baisas, down 10 percent, National Mineral Water stock also fell by 10 percent and closed at 45 baisas, and Salalah Mills stock fell to 475 baisas and Muscat Thread Mills shares fell by 9 percent and closed at 60 baisas.

The trading value declined last week to about OMR19.8 million, compared to OMR21.4 million in the previous week, recording a decline of 7.8 percent. The number of transactions executed during the week decreased to 6,148 deals compared to 7,983 deals in the previous week.

SMN Power Holding Company topped the most traded companies in terms of trading value after witnessing trades worth OMR2.30 million, representing 11.6 percent of the total trading value. Bank Muscat came next after witnessing trades worth OMR2.12 million. OQ Gas Networks ranked next with trades worth OMR1.54 million, representing 7.8 percent of the total trading value.

During the coming week, 9 public joint stock companies listed on the Muscat Stock Exchange are considering the recommendations of their boards of directors to distribute dividends to their shareholders. They are: Gulf Mushroom Production, on March 17 is considering distributing cash dividends of 15 percent, or 15 baisas per share, on March 18, Oman Chrome Company is considering distributing cash dividends of 10 percent, and OQ Gas Networks Company is also discussing distributing cash dividends of 2.54 percent.

On March 19, the National Industrial Detergents Company will hold its annual ordinary general assembly meeting, during which it will discuss distributing cash dividends of 25 percent. On the same day, Ooredoo shareholders will discuss distributing cash dividends of 14.7 percent. On March 20, the Pearl Real Estate Investment Fund will discuss distributing cash dividends. By 4.5 percent, and on March 21, the Oman Cable Industry Company is considering distributing cash dividends of 85 percent, or 85 baisas per share. Gulf Hotels Company - Oman and Salalah Port Services Company are also considering distributing cash dividends of 10 percent.