Thursday 09 / May / 2024
Muscat: The value of trading on the Muscat Stock Exchange (MSX) increased during the week to OMR36.9 million, compared to about OMR19.4 million in the previous week, benefiting from investors’ interest in the shares of a number of leading companies listed in the banking and communications sectors, in addition to the increase in trading in the bond and sukuk market.
Statistical data issued by the MSX indicated an increase in trading in Omantel shares, which witnessed trades worth OMR6.8 million, representing 18.4 percent of the total trading value. Bank Muscat witnessed trades worth OMR6.2 million, and Al Nahda Services ranked next with trades at OMR4 million. Sohar International Bank came saw trades worth OMR3.5 million, while Ooredoo ranked next with trades amounting to OMR2.5 million, and these companies accounted for about 63 percent of the total trading value witnessed by the stock exchange during the week.
The increase in demand for the shares of these companies came as local investment companies and funds moved to strengthen their portfolios, focusing on the shares of a number of leading companies after the appearance of the financial results for the first quarter, which showed growth in profits and improvement in performance.
Purchases by local investment institutions and funds during the week accounted for about 77 percent of the total trading value, compared to sales of 75.8 percent of the total trading in the previous week. Local individual investors also showed interest in purchasing during the past week amid positive expectations for the performance of most public joint-stock companies listed on the stock exchange.
The prices of 38 securities declined last week, most notably the Oman Free Finance Bonds, which fell by 30 percent and closed at 70 baisas. the Oman Flour Mills stock fell by 10 percent and closed at 450 baisas, while Gulf Hotels Oman stock fell by 10 percent as well and closed at OMR3.83.
The recorded declines led to a decline in the market capitalisation of securities listed on the Muscat Stock Exchange at the end of last week to OMR24.13 billion, recording weekly losses of OMR25.9 million.
During the week, prices of 20 securities rose, most notably Al Hassan Engineering, Galfar Engineering and Contracting, Oman Educational and Training Investments, Al Jazeera Services, and Al Jazeera Steel Products, which came at the forefront of the five companies with the highest increase in terms of the percentage of share appreciation.
Galfar Engineering and Contracting’s stock received investor attention after announcing that the Omani-Emirati alliance led by Trojan Construction Group and Galfar Engineering and Contracting won the project to design and construct the railway line between Sohar and Abu Dhabi with a total value of OMR521 million.
During the week, Julphar shares rose by 21.6 percent and closed at 163 baisas after witnessing the execution of 800 deals worth OMR2.4 million Omani riyals.
Al Hassan Engineering shares recorded the best increase, reaching 46.6 percent and closing at 22 baisas. Oman Educational and Training Investments shares rose to 467 baisas, rising by 9.8 percent. Al Jazeera Services shares rose by 7.5 percent and closed at 258 baisas, and Al Jazeera Steel Products shares rose by 6.2 percent. percent and closed at 288 baisas.
At the level of indicators, the industrial sector index recorded the best rise, rising by 36 points, benefiting from the rise in the shares of Galfar Engineering and Contracting, Al Jazeera Steel Products, Al Maha Ceramics, and Oman Cement. The services sector index rose by 5 points, and the Sharia index recorded a slight increase of less than one point, while the main index fell by 3 points closed at 4713 points. The financial sector index recorded a decline of 78.8 points, affected by the decline in bank stocks and a number of investment companies.
