Muscat: The main index of the Muscat Stock Exchange (MSX) declined in September by 120 points and closed at 4,678 points, affected by investors’ desire to sell to provide liquidity to subscribe to OQ Gas Networks Company IPO. The company has offered 49 percent of its capital for public subscription, starting on September 26, for two categories of investors.
Trading data for September issued by the Muscat Stock Exchange showed a decline in the prices of 61 securities, compared to 14 securities whose prices rose and 9 securities that stabilised at their previous levels. These declines affected the stock market indices, which all declined, and also affected the market value of the Muscat Stock Exchange. The market capitalisation of MSX declined to OMR23.50 billion at the end of September thereby recording losses at OMR346.1 million.
However, shares are expected to rise during the next two weeks with the end of the subscription for OQ Gas Networks and the announcement of the financial results of public joint stock companies for the third quarter of this year.
At the level of sectoral indicators, the industrial sector index recorded the highest decline at 355 points, the financial sector index declined 181 points, the services sector index lost 33 points, and the Sharia index recorded a decline of 13 points.
The trading value declined in September to OMR51.1 million compared to OMR63.6 million in August and OMR66.9 million in July. The number of transactions executed in September also decreased to 8,656 deals, compared to 11,347 deals in August and 10,914 deals in July. The total number of trading days in September was 19 compared to 23 trading days in August.
Bank Muscat topped the most traded companies in terms of trading value with OMR11.5 million, representing 22.5 percent of the total trading value. Omantel came next with transactions at about OMR9.8 million, while Al Nahda Services came in next with OMR6.5 million, representing 12.7 percent of the total trading value.
Sembcorp Salalah shares recorded the best rise, rising by 11.4 percent and closing at 107 baisas, Al Batinah Development and Investment shares rose by 10 percent and closed at 99 baisas, and Tajeer Finance shares rose by 7.7 percent and closed at 97 baisas.
Dhofar Food and Investment shares came at the top of the losing stocks, declining by about 32.9 percent and closing at 49 baisas, Al Suwadi Energy shares fell by 28 percent and closing at 18 baisas, and Raysut Cement shares fell to 117 baisas, recording a decline of 25 percent.