MSX in March records best trading value in 11 months

Business Saturday 01/April/2023 15:47 PM
MSX in March records best trading value in 11 months

Muscat: The Muscat Stock Exchange (MSX) recorded the best monthly trading value in March since April 2022, amid investors' interest in buying shares of Abraj Energy Services, which were listed for trading on the stock exchange on March 14.

Last month, the trading value rose to OMR93.60 million, compared to 45.30 million in February and 52.30 million in January. The Muscat Stock Exchange’s trading amounted to OMR94.70 million in April of 2022, but it was unable to exceed this level. The following monthly transactions, which witnessed a decline in the value of trading, fall in October to OMR43.7 million, recording the lowest trading value in 2022.

Last month, the trading value of Abraj Energy Services reached OMR35.3 million, accounting for 37.7 per cent of the total trading value. The share closed at the end of March at 298 baisas, up 49 baisas from its listing level of 249 baisas.

Bank Muscat witnessed high transactions amounting to OMR11.55 million, representing 11.8 per cent of the total trading value, and Omantel came next with transactions amounting to OMR10.74 million, representing 11.4 per cent of the total trading value, and Ominvest came next with OMR7.9 million. Shell Oman Marketing witnessed transactions worth OMR6.1 million, representing 6.5 per cent of the total trading value.

The number of deals executed rose last month to 29,315, registering an increase of 384.9 per cent from its level in February of 6,045 deals. Most of the deals were executed on Abraj Energy Services, which witnessed the execution of 21,862 deals, representing 74.5 per cent of the total number of executed deals.

Last month, the Muscat Stock Exchange benefited from the level of interest in investing in the stock exchange with the announcement of the audited financial results and the approval of the public shareholding companies for the dividends recommended by their boards of directors in the past weeks. The main index of the MSX was able to rise at the end of last March to 4,863 points, up by about 110 points, after it rose by about 50 points in February. The industry sector index rose 128 points, and the financial sector index recorded gains of 106 points, while the services sector index declined by 7 points. The Sharia index lost 4 points.

Last month, the prices of 38 securities increased compared to 36 securities whose prices declined, and 17 securities remained unchanged at their previous levels. Many leading stocks witnessed a remarkable rise. Omantel shares rose by 14.5 per cent and closed at OMR1.100, recording gains of 140 baisas from its level at the end of February. The share of Al Anwar Ceramic Tiles increased by 13.3 per cent and closed at 374 baisas, the shares of Omnivest rose by 8.7 per cent and closed at 496 baisas, the shares of Raysut Cement rose by 7.6 per cent and closed at 135 baisas, while the shares of Oman Cement recorded gains of 12 baisas and ended last month’s trading for 300 baisas.

The market capitalisation of the Muscat Stock Exchange rose at the end of last March to OMR23.85 billion, registering gains of OMR190.30 million compared to its level in February, benefiting from the listing of Abraj Energy Services Company for trading and the rise in share prices of several leading companies.