Friday 26 / July / 2024
Muscat: Bank shares attracted investors on the Muscat Stock Exchange (MSX) in weekly trading amid expectations of further improvement in the financial results for the year 2023 after the financial results for the third quarter showed an increase in the profits of banks listed on the stock exchange.
The value of trading in bank shares last week amounted to OMR12.3 million, constituting 47.9 percent of the total trading value witnessed by the stock exchange in the week, amounting to OMR25.6 million Omani riyals. Banks also acquired 67.5 percent of the total number of securities traded after witnessing the trading of 94.9 million shares. Banks also accounted for 20.7 percent of the total number of transactions executed after witnessing the execution of 1,096 transactions out of a total of 5,283 transactions witnessed by the Muscat Stock Exchange last week.
In the week's trading, investors focused on the shares of Bank Sohar International, Bank Muscat, and Bank Nizwa. The value of trading in Bank Sohar's shares amounted to more than OMR7 million, while Bank Muscat witnessed trades of about OMR4.3 million, and Bank Nizwa witnessed trades worth OMR792,000.
Bank Nizwa shares rose last week by 4.1 percent and closed at 100 baisas, while Bank Sohar shares rose by 3 percent and closed at 102 baisas, and Bank Muscat shares recorded a decline from 277 baisas to 272 baisas. Bank Sohar International and Bank Nizwa said in separate statements that they stopped merger negotiations between the two banks without providing any details about that.
In last week's trading, investors also focused on the shares of Omantel and OQ Gas Networks. Omantel shares witnessed trades worth OMR5.9 million, representing 23.2 percent of the total trading value, and OQ Gas Networks shares witnessed trades worth OMR3.3 million, representing 12.8 percent of the total trading value. The stock witnessed the execution of 2,769 transactions and rose during the week to 155 baisas, but it closed the week at 153 baisas, an increase of 3 baisas from its previous close.
Last week, the Muscat Stock Exchange recorded a number of positive indicators. The main index rose 37 points and closed at 4,658 points, continuing its series of gains that began 3 weeks ago. The sectoral indices also recorded an increase, led by the financial sector index, which rose by about 70 points, and the industrial sector index rose 44 points. point, the services sector index rose 12 points, and the Sharia index recorded an increase of 12 points.
Last week, the Muscat Stock Exchange witnessed an increase in trading value, which rose to OMR25.6 million, compared to OMR13.7 million in the previous week, and the number of transactions executed increased from 2,827 deals to 5,283 deals.
