Saturday 15 / February / 2025
Muscat: Oman's benchmark Muscat Stock Exchange (MSX) index rose 30 points in the week consolidating the gains recorded in the previous week.
The market capitalisation of securities listed on the stock exchange rose at the end of the week to OMR23.94 billion recording weekly gains of OMR129 million.
Last week, the Muscat Stock Exchange (MSX) witnessed an atmosphere of optimism that public joint stock companies listed on the stock exchange would record an improvement in their financial results, which pushed the shares of a number of leading companies to rise, such as Al Maha Petroleum Products Marketing, Bank Muscat, and Omantel. However, the general atmosphere was cautious waiting for the final announcement. Leading banks and companies will release their preliminary financial results in the coming days.
The preliminary financial results announced by several companies in the week indicated a variation in performance. Musandam Power Company said that it recorded net profits in 2023 at OMR1.9 million, compared to OMR2.6 million in 2022. The International Hotel Management Company said that its net profits amounted to OMR51,000 last year compared to profits amounting to OMR68,000 in 2022. The National Biscuit Manufacturing Company said that in the first nine months of its current financial year, the company recorded net profits of OMR409,000, compared to losses amounting to OMR50,000 in the similar period last year. The Salalah Beach Resort Company announced that its losses during 2023 increased to OMR780,000 compared to losses amounting to OMR558,000 in 2022.
These gains were driven by the listing of the capital increase shares of the Oman Future Telecommunications Company (Vodafone) in the third market. The company raised its capital through a private subscription from OMR500,000 to OMR97.2 million. Vodafone is the third mobile telecommunications operator in the Sultanate of Oman and began its operations in 2021.
The cautious atmosphere witnessed by the Muscat Stock Exchange in the week pushed the trading value and executed deals to decline. The trading value fell from OMR26.4 million to OMR8.8 million Omani riyals and the number of deals executed decreased from 6,855 deals to 3,725 deals.
Investors focused on the OQ Gas Networks stock, which on January 7 approved the distribution of cash dividends of 7.6 baisas per share. The share witnessed 2,605 transactions worth OMR3.4 million and the stock closed at 149 baisas, down 6 baisas during the week.
OQ Gas Networks topped the most traded companies in terms of trading value, accounting for 38.2 percent of the total trading value, Bank Muscat came next at OMR1.7 million and the Oman Cables Industry Company came in third place with OMR633,000 , representing 7.1 percent of the total trading value.
In the week, the prices of 20 securities rose compared to 22 securities whose prices declined, and 19 securities stabilised at their previous levels. The building materials industry stock recorded the best increase, rising by 8.3 percent and closing at 52 baisas, and Al Maha Ceramics stock rose by 5.9 percent and closed at 196 baisas, and Al Maha Petroleum Products Marketing shares reached OMR1.90, recording an increase of 5.8 percent.
On the other hand, Dhofar Food and Investment shares recorded the highest declines and closed at 50 baisas, recording a decline of 10.7 percent, Majan College shares declined by 7.4 percent and closed at 100 baisas, and Takaful Oman Insurance shares declined by 6.5 percent and closed at 43 baisas.
Last week, the Gulf Mushroom Production Company announced that its board of directors recommended distributing cash dividends of 15 percent, equivalent to 15 baisas per share, making it the first company to announce that it would distribute dividends to its shareholders after its fiscal year ended on December 31st. However, the company did not Its financial results are announced until the end of last week, and the company’s shares closed at their previous level of 226 baisas in trades worth OMR11,000.
