Friday 10 / January / 2025
Muscat: The Muscat Stock Exchange registered strong gains during the week with the start of annual general meetings (AGMs) for public joint stock companies during which dividend distributions are expected to be approved. The main stock index rose by 221 points and closed at 4,776 points, recording an increase of 4.8 percent.
The sectoral indices recorded a collective rise, with the industrial sector index topping these increases, followed by the financial sector index and the services sector index.
The annual ordinary general meetings of public joint-stock companies, whose fiscal year ended last December, began during the week. During these meetings, which will continue until the end of March, several boards of directors of companies will recommend and approve distribution of dividends to shareholders. Oman Cement Company leads the companies in announcement of dividends after the company’s Board of Directors recommended distribution of cash dividends at a rate of 120.89 percent, which is equivalent to 120.89 baisas per share. On March 28, the company will hold its annual ordinary general assembly meeting in which the approval of this will be discussed. The company’s shares closed at the end of the week’s trading at 570 baisas, up 229 baisas during the week.
During the week, the Muscat Stock Exchange (MSX) market value rose to OMR24.82 billion recording weekly gains of OMR304 million.
The total number of transactions executed during the week increased to 7,983 compared to 6,217 transactions in the previous week. However, the total trading value declined to OMR21.4 million, compared to OMR89.7 million in the previous week.
Sohar International Bank topped the most traded companies in terms of trading value during the week after witnessing trades worth OMR2.8 million, representing 13.1 percent of the total trading value. Al Suwadi Power Co. came next with trading valued at OMR2.4 million, followed by SMN Power Holding OMR1.9 million, Al Batinah Energy OMR1.68 million and Al Anwar Investments with trades amounting to OMR1.65 million.
Prices of 45 securities rose during the week compared to 16 securities whose prices declined, and 17 securities that remained unchanged at their previous levels.
