MSX records slight increase in weekly trading

Muscat: The main index of the Muscat Stock Exchange (MSX) in weekly trading maintained the gains it recorded in previous weeks and closed at 4,620 points, recording a slight increase of one point.

The Muscat Stock Exchange concluded last week’s trading early. Trading was limited to three days due to the National Day holiday, which fell on Wednesday and Thursday. The value of trading last week amounted to OMR13.7 million, including OMR9.7 million in the stock market and OMR4 million in the bond and sukuk market, which witnessed a clear increase in its trading this week compared to trades worth OMR200,000 in the previous week.

Last week, the market capitalisation of the Muscat Stock Exchange recorded losses of OMR9 million, concluding the weekly trading at OMR23.83 billion.

Last week, the prices of 27 shares rose, while the prices of 15 declined and 16 stabilised at their previous levels. Al Hassan Engineering stock recorded the best rise, rising by 21.4 percent and closing at 17 baisas, and Dhofar Electricity Generation stock rose by 12.1 percent and closing at 37 baisas, and rose. Al Batinah Energy shares reached 23 baisas, up 9.5 percent.

On the other hand, Salalah Mills shares recorded the highest losses, falling by 10 percent and closing at 450 baisas, Al Sharqiya Investments shares declined by 6.8 percent and closed at 123 baisas, and Oman Financial Services shares fell to 150 baisas, recording a decline of 6.2 percent.

Last week, the Oman International Development and Investment Company (Ominvest) announced that it had successfully completed the acquisition of a 5.87 percent stake in Bank Muscat, raising its stake in the bank to 15 percent. Last week, the bank’s shares rose by 5 baisas and closed at 277 baisas, while Ominvest’s shares stabilised at its previous level of 430 baisas.

Also during last week, Dhofar Poultry Company announced that the company’s extraordinary general assembly agreed to transform the company from a public joint stock company to a closed joint stock company. Last October, Dhofar Food and Investment Company had submitted an offer to shareholders to buy their shares at a price of 50 baisas per share. Dhofar Company is the Food and Investment Company is the main shareholder in Dhofar Poultry Company and owns 92.2 percent of its shares. Dhofar Poultry’s capital amounted to OMR2.8 million.