MSX trading value tops OMR28mn in weekly trade

Business Saturday 31/December/2022 16:49 PM
MSX trading value tops OMR28mn in weekly trade

Muscat: The total trading value on the Muscat Stock Exchange (MSX) increased to OMR28.9 million last week, compared to about OMR10.1 million in the previous week, recording an increase of more than 186 per cent.

In the last week of 2022, the MSX witnessed a positive performance, with an increase in the trading value, the number of executed transactions, the main index, sectoral indices, and the market value, which last week recorded gains of about OMR3.2 million, concluding the 2021 trading at OMR23.73 billion.

These gains came amid positive expectations that the Muscat Stock Exchange will witness a good performance during the year 2023, supported by the good economic indicators in the Sultanate of Oman, government spending, and the rise in profits of public shareholding companies listed on the stock exchange, whose preliminary results are expected to appear within the next few days.

During the past week, investors focused on the shares of a number of companies that they considered attractive and with good returns. This was reflected in the number of executed deals, which rose to 3,319 deals, compared to 1,969 deals in the previous week.

Last week, the main index of the Stock Exchange rose 19 points and closed at 4,857 points, the financial sector index recorded the highest gains, up 81 points, the industry sector index rose 26 points, the Sharia index rose by 6 points, and the services sector index recorded a slight increase by one point.

Bank Muscat topped the most heavily traded companies in terms of turnover at OMR12.3 million, representing 42.8 per cent of the total turnover. Oman Arab Bank (OAB) came next with transactions amounting to about OMR1.5 million and Omantel, witnessed transactions worth OMR1,443,000, representing 4.9 per cent of the total turnover.
Last week, the prices of 32 securities rose, compared to 21 securities whose prices declined, and 17 securities that maintained their previous levels.

The share of Takaful Oman Insurance recorded the highest rise, up by 13.9 per cent, and closed at 49 baisas. The share of Dhofar Beverages and Food Stuff rose by 13.7 per cent and closed at 240 baisas. The share of Dhofar Generating Electricity rose to 58 baisas, up by 13.7 per cent as well while SMN Power Holding Company increased by 12.2 per cent and closed at 46 baisas, and Al-Saffa Foods rose by 11.7 per cent and closed at 256 baisas.

Raysut Cement shares led the way, declining by 8.7 per cent and closing at 157 baisas, Dhofar Food and Investment shares declined by 5.3 per cent and closed at 71 baisas, and Al Jazeera Steel Products fell by 3.8 per cent and closed at 225 baisas.

Vision Insurance Company said that the extraordinary general assembly of the company, which was held on December 26, 2022, approved a proposal to dissolve and merge the company with the Omani Qatari Insurance Company through consolidation, noting that the assembly authorised the company’s board of directors to take all necessary measures to implement the proposed merger.

The Omani Qatari Insurance Company said that the extraordinary general assembly of the company, which was held on December 27, approved the proposal to merge with the Vision Insurance Company, and also agreed to increase the company's authorised capital from OMR20 million to OMR30 million, and to increase the company's issued capital from OMR10 million to a maximum of OMR22 million, allocating the increase shares in favour of Qatar Insurance Company and Al Hosn Investment Company at an issuance price of 196 baisas per share and amending Article 5 of the company’s Articles of Association regarding the company’s capital after completing the merger procedures and registering the company’s new capital.

Also, during the past week, the Omani National Engineering and Investment Company said that Majan Electricity Company had awarded it a contract to re-establish the 33-kilovolt part of the old main Ibri station in Al-Dhahirah Governorate and convert the 33-kilovolt feeders affiliated to it at an amount of OMR2.7 million, noting that the project implementation period is approximately 17 months starting from the date of receiving the work order.