Value of trading on MSX rises by 37% to OMR23.4mn

Muscat: The value of trading on the Muscat Stock Exchange (MSX) increased last week to OMR23.4 million, compared to OMR17 million in the previous week, recording an increase of 37 percent.

The jump in trading values was because of investors' interest in energy company shares, which reported improved financial results over the past year. Also the rise in trading value was attributed to investors' expectations that they will achieve better results in the first quarter of this year.

During the week, energy companies witnessed trading of more than OMR7.3 million, representing 31.2 percent of the total trading value, benefiting from the increase in trading in the shares of SMN Power Holding, Al Suwadi Energy and Al Batinah Energy.

During the week, investors also showed interest in the shares of Al Anwar Investments Company, whose fiscal year ends on March 31, and the company is expected to announce its annual financial results within the next two weeks. Until last December, the company had recorded net profits amounting to OMR556,000, compared to losses of 879,000 during the same period of its last fiscal year.

Oman and Emirates Holding Company topped the most traded companies in terms of the number of securities traded, as it witnessed the trading of 37 million shares, representing 19.4 percent of the total number of securities traded, amounting to 190.4 million securities. Al Suwadi Energy came next with trades worth 25 million shares, Al Anwar Investments 16.7 million shares, Al Batinah Energy 16.6 million shares and Phoenix Energy 12.5 million shares.

Oman and Emirates Holding also topped the most traded companies in terms of trading value at OMR2.4 million, representing 10.4 percent of the total trading value. SMN Power Holding came next with trades amounting to OMR2.24 million, Al Suwadi Energy witnessed trades of OMR2.19 million.

The total number of deals executed during the week rose to 6,481 deals compared to 4,967 deals in the previous week, recording an increase of 30 percent, benefiting from investors’ interest in a group of stocks with a low market value that traded below 100 baisas per share, such as Al Suwadi Energy, Al Batinah Energy, Phoenix Energy, and Al Anwar Investments. Investors also targeted shares of OQ Gas Networks and a number of companies that distributed dividends to shareholders during the past two weeks, such as Bank Muscat, Oman Cement, and Abraaj Energy Services.

The market value of securities listed on the Muscat Stock Exchange declined at the end of the week’s trading to OMR23.95 billion, recording weekly losses of OMR174.1 million.

Last week, the prices of 28 securities rose. Most notable among these were Barka Water and Power, Dhofar Electricity Generation, Majan Glass, Oman, Emirates Holding, and Muscat Gases. Barka Water and Power shares recorded the highest gains, rising by 59 percent and closing at 220 baisas.

During the week prices of 27 securities declined, led by Oman Cement, which fell by 26 percent and closed at 370 baisas, Al Jazeera Steel Products stock fell by 8.8 percent and closed at 246 baisas, and Al Anwar Ceramic Tiles stock fell by 8.5 percent and closed at 181 baisas.