Wednesday 15 / January / 2025
Muscat: Share prices on the Muscat Stock Exchange (MSX) recorded a strong rise last week with the start of the annual dividend season and the end of subscription in the shares of Abraj Energy Services Company, which offered 49 percent of its capital for public subscription from February 20 to March 2, equivalent to about 377.4 million shares.
Last week, the prices of 40 securities rose against 8 securities whose prices fell, and 18 securities maintained their previous levels. The shares of Omantel, Bank Muscat, Omvest, Al Jazeera Steel Products, Al Anwar Ceramic Tiles, Ooredoo and Sohar International Bank supported the Muscat Stock Exchange indices and contributed to the increase in trading value on the stock exchange.
Last week, the main index of the MSX rose 170 points, or 3.6 percent, and closed at about 4,821 points, marking its best level since mid-January. The financial sector index rose 261 points and closed above the level of 7,790 points, and the industry sector index rose by more than 203 points. The service sector index rose 39 points or 2.3 percent, and the Sharia index rose to 487 points, up 9 points.
These gains came amid investors’ willingness to buy with the start of the annual dividend season for public shareholding companies, whose fiscal year ended on December 31, and during the past week, 3 companies held annual ordinary general meetings during which they approved the distribution of cash dividends to shareholders, namely: Oman Packaging Sharqiya Water Desalination Company and Omani Chrome.
This week will witness the holding of the Annual Ordinary General Assembly of Musandam Power Company, which is discussing distributing cash dividends to be paid in two phases during the current year, provided that they do not exceed 27.60 baisas per share. Shell Oman Marketing Company is also discussing distributing cash dividends of 57 percent, or 57 baisas per share.
During the past week, 15 new companies joined the list of companies that intend to distribute dividends to their shareholders during the current year, most notably Oman Refreshments, which intends to distribute cash dividends of 60 percent, or 60 baisas per share, and Al Ahlia Insurance Company, which intends to distribute cash dividends of 29 percent. Oman Chlorine, intends to distribute cash dividends of 25 percent, Oman Flour Mills Company seeks to distribute cash dividends of 12.5 percent, Salalah Port Services, Oman Cement and Al Jazeera Services, intends to distribute cash dividends of 10 percent, and Oman Engineering and Investment, intends to distribute cash dividends of 5 percent and bonus shares by 7.1 percent, and Oman Investment and Finance, which intends to distribute cash dividends of 3 percent and bonus shares by 5 percent.
Energy and water companies such as Sembcorp Salalah, SMN Power Holding and Barka Water Desalination have also joined the list of companies that intend to distribute dividends to their shareholders, bringing the total number of companies that disclosed their expected dividends to more than 50 companies.
The trading value rose last week to OMR14.99 million compared to OMR9.73 million in the previous week, the number of deals executed increased from 1,355 to 2,025 deals, and the market value recorded weekly gains of more than OMR224 million to end Thursday’s trading at OMR 23.73 billion.
SMN Power Holding share recorded the highest rise, up by 51.8 percent and closed at 82 baisas, Omvest share rose by 13.3 percent and closed at 476 baisas, and Voltamp Energy share rose to 119 baisas, up by 12.2 percent.
The building materials industry was at the forefront of the losers, declining by 9.7 percent and closing at 74 baisas. The share of the Eastern Water Desalination Company declined by 5.8 percent and closed at 130 baisas. Barka Water Desalination fell to 132 baisas, down by 5.7 percent.
