Industrial firms perform well on MSX

Muscat: Industrial companies listed on the Muscat Stock Exchange (MSX) recorded good performance in the week’s trading, pushing the industrial sector index higher by 50 points at a time when other indices declined.

The industrial sector index rose last week to 5,496 points, benefiting from the rise in the shares of Al-Jazeera Steel Products, Voltamp Energy, Dhofar Food and Investment, Al-Saffa Food and Al-Khaleejia for mushroom production. In the week, industrial companies announced their preliminary financial results for the year 2023, which showed growth in profits for many of them. Al Jazeera Steel Products Company said that the group’s preliminary financial results showed a growth in profits rising by 31 percent to OMR4.1 million Omani riyals in 2023 compared to OMR3.1 million in 2022. A’Saffa Foods Company said that its group recorded net profits of more than OMR3 million in 2023 compared to losses of OMR1.7 million in 2022.

The results of many other industrial companies showed a good improvement, which was reflected in the industrial sector index, which recorded the only increase among the Muscat Stock Exchange.

In the weekly trading, the prices of 41 securities declined, compared to 21 securities whose prices rose, and 12 securities that stabilised at their previous levels. The declines recorded by the stocks led to a decline in the market value of securities listed on the stock exchange at the end of the week to OMR23.92 billion, recording a weekly losses of OMR14.5 million.

The trading value on the MSX rose during the week to OMR16.37 million compared to OMR8.89 million reported in the previous week.

However, the number of deals executed decreased from 3,725 deals to 3,557 deals.

National Bank topped the most traded companies in terms of trading value with OMR3.9 million, representing 24.6 percent of the total trading value. Omantel came next with trading at about OMR2.2 million and OQ Gas Networks ranked third with a trading of about OMR1.9 million. Sohar International Bank ranked next at OMR1.8 million, while Bank Muscat traded value was OMR1.71 million.

Al Jazeera Steel Products’ stock topped the most rising stocks, increasing by 18.3 percent and closing at 284 baisas, Oman Investment and Finance Company’s stock rose by 11.1 percent and closed at 80 baisas, while Voltamp Energy’s stock rose to 152 baisas, rising by 8.5 percent.Omani Fish shares recorded the highest losses, declining by 12.5 percent and closing at 42 baisas, Al Madina Investment Holding shares declined by 10 percent and closing at 45 baisas, and Oman and Emirates Holding Company shares fell to 47 baisas, down by 9.6 percent.