Trading on MSX falls in first quarter of 2023

Muscat: The value of trading on the Muscat Stock Exchange (MSX) declined in the first quarter of this year to about OMR191.40 million, compared to OMR341.3 million in the first quarter of last year, down by 43.9 percent. However, trading in the first quarter of this year recorded an increase of 2.8 percent compared to the transactions in the fourth quarter of last year, amounting to OMR186.1 million.

The first quarter of this year witnessed the listing of Abraj Energy Services Company after its transformation into a public shareholding company by offering part of its shares for public subscription. The company, which was listed on March 14, witnessed a good turnout from investors, and its total trading amounted to OMR35.30 million, which pushed the trading value up. In March, it reached OMR93.60 million, compared to OMR45.30 million in February and OMR52.40 million in January.

Abraj Company accounted for 37.7 percent of the total trading value in March 2023, and 18.4 percent of the total trading value in the first quarter of this year.

The main index rose in the first quarter of this year by 5 points, taking advantage of the two increases it achieved in February and March, when it rose by about 50 points and 110 points, respectively. The index recorded a decline of 154 points last January.

These gains were supported by some of the gains recorded by the leading stocks before the approval of the annual general assemblies of public shareholding companies and the dividends recommended by their boards of directors.

During the first quarter of this year, the Gulf Quarries Company announced that the company's board of directors recommended liquidating the company, noting that this recommendation comes to preserve shareholders' rights after the company accumulated financial losses and the inability to raise its capital by major shareholders or through agreement with strategic partners.

The first quarter of this year witnessed several positive news. Al Batinah Development and Investment Company said that its subsidiary, Al-Farabi Company for Veterinary and Agricultural Medicines, has leased land in Al-Buraimi Industrial Area to construct a pharmaceutical factory. It was equipped with three production lines, including a capsule production line, a liquid production line, and a production line. Powder, indicating that the factory is being prepared for operation, expects the factory to start trial production next May.

Salalah Mills Company also said that it intends to establish a grain trading company in the Dubai Multi Commodities Centre Free Zone under the name of 'Salalah International Grain Trading Company.'