Market capitalisation of MSX rises

Muscat: The market capitalisation of the Muscat Stock Exchange (MSX) recorded gains of OMR6.5 million during the week’s trading to OMR24.39 billion. This rise came after many shares rose, with public joint stock companies recording gains in their market value of more than OMR58 million after rising during the week’s trading to OMR9.2 billion.

However, the declines recorded by the closed market affected the total market value of the exchange and it closed the week’s trading at OMR10.79 billion, recording weekly losses of about OMR49 million.

The main index of the Muscat Stock Exchange rose by 48 points during the week and closed at 4,693 points, resuming its rise after a one-week decline.

The week witnessed an increase in the prices of 22 shares compared to 15 shares whose prices increased in the previous week. It also witnessed a decrease in the number of stocks that fell to 22 compared to 39 whose prices decreased in the previous week. This positive performance came as the Muscat Stock Exchange absorbed the global political and economic conditions that affected most regional and global stock exchanges during the previous two weeks.

The trading value during the past week recorded an increase of 2.4 percent, rising to OMR8.50 million, compared to trading that amounted to OMR8.30 million in the previous week. However, the number of deals executed declined in the week to 2,463 deals, compared to 2,744 deals executed in the previous week.

Gulf International Chemicals topped the gainers, rising by 6 percent and closing at 70 baisas. Al Anwar Ceramic Tiles rose by 5.9 percent and closed at 179 baisas, while Al Anwar Investments rose to 76 baisas, recording a weekly increase of 5.5 percent.

Dhofar Power Generation Company’s share was the leading loser, declining by 7.1 percent and closing at 65 baisas. Muscat Finance Company’s share fell by 4.2 percent and closed at 45 baisas, while Muscat Gases’ share fell to 123 baisas, recording a decline of 3.9 percent.

Bank Muscat topped the most traded companies after witnessing trades worth OMR2.41 million, accounting for 24 percent of the total trading value. Bank Sohar International came in second place with trades worth OMR1.17 million, and Omantel came in third place with trades worth OMR885,000, representing 10.4 percent of the total trading value.

In corporate news, Salalah Mills Company has invited its shareholders to attend the Extraordinary General Assembly meeting scheduled to be held on September 1st. The meeting will discuss increasing the company’s issued capital from OMR4.99 million to OMR17.49 million through a private subscription to an international company with a value of OMR12.5 million. After the completion of the private subscription, the international company will own 20 percent of Salalah Mills Company’s capital.