MSX rises to 4,802 points in weekly trading

Business Saturday 25/May/2024 17:34 PM
MSX rises to 4,802 points in weekly trading

Muscat: The Muscat Stock Exchange (MSX) witnessed a good performance of the main which rose for the second week in a row and closed at 4,802 points, an increase of 10 points during the week. The Sharia index recorded a slight increase at one point, while the services sector index fell by 18 points, and the industrial sector index lost 5 points.

Banks listed on the Muscat Stock Exchange last week accounted for 39 percent of the total trading value witnessed by the Muscat Stock Exchange during the week, amounting to OMR13.8 million. Sohar International Bank came at the forefront of the most traded companies in terms of trading value after witnessing trades worth OMR1.68 million representing 12.1 percent of the total trading value. Bank Muscat came in second place with trades amounting to OMR1.44 million and National Bank of Oman (NBO) came in third place with trades amounting to OMR1.35 million.

During the week, the Muscat Stock Exchange recorded a decline in trading value by 48 percent compared to its level in the previous week, amounting to OMR27.1 million. The number of transactions executed also decreased from 3,547 to 3,010 recording a decline of 15 percent.

The market value of the Muscat Stock Exchange rose at the end of the week to OMR24.45 billion, recording weekly gains of OMR47.1 million.

During the week, the prices of 32 securities rose, compared to 25 securities whose prices declined and 22 securities remained unchanged at their previous levels. Al Madina Investment Holdings stock recorded the best rise, rising by 15.7 percent and closing at 81 baisas, and Oman Arab Bank’s stock rose by 11.5 percent and closing at 145 baisas. Dhofar Food and Investment shares rose by 9.3 percent and closed at 82 baisas.

The Building Materials Industry Company's stock came at the top of the losing stocks, declining by 8.7 percent and closing at 42 baisas, Shell Oman Marketing's stock fell by 4.7 percent and closing at 800 baisas, and Barka Water Desalination Company's stock fell by 4.6 percent and closed at 124 baisas.

In corporate news, Al Hassan Engineering Company announced that the company’s shareholders approved, in the extraordinary general assembly meeting held on May 21, the proposal to voluntarily dissolve and liquidate the company and appoint the Grant Thornton Oman office as liquidator of the company. This decision comes after the company’s capital has been completely eroded, and the financial statements indicate that the company's accumulated losses amounted to more than OMR77 million at the end of last March, while the company's capital amounted to OMR7.5 million.

The company's shares closed at the end of last week's trading at 20 baisas, without change from its previous level. It witnessed the implementation of 13 transactions with a trading volume of 157 thousand shares. Gulf International Chemicals Company invited its shareholders to attend the ordinary general assembly meeting to be held on June 9, which will be devoted to studying the proposal to distribute cash dividends to shareholders on the date of the assembly in the amount of 3.4 baisas per share for the financial year ending on December 31 of last year.