MSX index rises in weekly trade

Muscat: The financial sector index rose in last week's trading on the Muscat Stock Exchange (MSX) by 16 points, recording the only rise among the stock indexes, benefiting from the support provided by a number of investment companies, at a time when banks were unable to support the index with the decline in their prices except for Bank Dhofar shares which rose 5 baisas and closed at 160 baisas.

Last week, the financial sector index rose to the level of 7,778 points, after declining 80 points in the previous week. The sector index benefited during the past week from the rise in shares of International Financial Investments, Eastern Investment Holding, Al Anwar Investments and United Finance. The main index of the Muscat Stock Exchange last week declined by about 8 points and closed At 4,863 points, the industry sector index fell 39 points, the services sector index lost 15 points, and the Sharia index recorded a slight decline without one point.

Last week, the Muscat Stock Exchange witnessed a mixed performance with the completion of the annual ordinary general assemblies of public shareholding companies, during which the dividends recommended by the companies’ boards of directors were approved during the past weeks.

Last week, the prices of 30 securities rose, most notably Al-Safa Foods, whose share rose by 18.4 per cent and closed at 225 baisas, Al-Batinah Development and Investment, whose share rose by 17.4 per cent and closed at 74 baisas, and Al-Anwar Investments, whose share rose by 14.8 per cent and closed at 85 baisas.

Last week, the Muscat Stock Exchange witnessed a decline in the prices of 25 securities, most notably: SMN Power Holding, whose share declined by 10.7 per cent and closed at 91 baisas, Oman Chrome, whose share declined by 10 per cent and closed at OMR2.43, and the National Mineral Water, whose share declined by 10 per cent as well, and closed at 63 baisas.

Last week's trading focused on the shares of Abraj Energy Services, Oman International Development and Investment Holding (Ominvest) and Bank Muscat, which collectively accounted for 61.7 per cent of the total trading value witnessed by the stock exchange during the week.