Foreign investors raise their purchases on MSX

Muscat: Foreign investors raised their purchases on the Muscat Stock Exchange (MSX), taking advantage of the decline in stock prices, less than two weeks before the end of the fiscal year.

The total value of foreign purchases on the MSX in the week amounted to OMR2.4 million, accounting for about 23 percent of the total trading value witnessed in the Muscat bourse. Foreign investors targeted companies with low prices and high returns.

On the other hand, Gulf investors tended to sell, and their sales amounted to OMR1.8 million, constituting 17.8 percent of the total trading value.

Statistical data issued by the Muscat Stock Exchange indicated a decline in the main index and sectoral indices that lacked support from leading companies, with investors focusing on OQ Gas Networks shares and Bank Muscat’s first-class perpetual bonds, which together accounted for about 75 percent of the total trading value last week.

The total value of trading in the week amounted to OMR10.4 million, registering a decline of 48 percent from its level a week ago, which amounted to OMR20.2 million. The current week’s trading was limited to three trading days, as the stock exchange was closed on Sunday and Monday for an official holiday. The number of transactions executed decreased from 3,972 to 2,870, and the daily trading average last week reached OMR3.48 million, compared to OMR4 million during the week before.

The market value of securities listed on the Muscat Stock Exchange declined at the end of the week to OMR23.87 billion, recording weekly losses of OMR29.6 million.

On January 7, OQ Gas Networks will hold an ordinary general assembly meeting, where it will discuss the distribution of cash dividends of 7.62 baisas per share for the third quarter ending on September 30, 2023.

Bank Muscat's first-class perpetual bonds witnessed interest from investors, witnessing trades worth OMR3.2 million, representing 30.8 percent of the total trading value.

During the week, the prices of 12 securities rose compared to 25 securities whose prices declined, and 25 other securities stabilised at their previous levels. Aman Real Estate Investment Fund units recorded the highest gains, rising by 5.4 percent and closing at 97 baisas, and National Industrial Detergents shares rose by 4.6 percent and closed at 97 baisas. 680 baisas, and Muscat Desalination City shares rose to 75 baisas, rising by 4.1 percent.

Muscat Gases' stock came at the top of the losing stocks, declining by 9.7 percent and closing at 83 baisas, Al Maha Ceramics' stock fell by 6.9 percent and closing at 200 baisas, and Barka Water Desalination stock fell to 116 baisas, down by 6.4 percent.