Friday 18 / October / 2024
Muscat: The main index of the Muscat Stock Exchange rose last week by about 72 points and closed at 4,746 points in a new upward wave after a series of declines witnessed by the index during the past weeks.
The index benefited during the week from the rise in the shares of many leading companies, with the improvement in trading volumes and values, and the rise in the number of weekly transactions executed above the level of 4,000 transactions for the first time in eight weeks. These indicators led to an atmosphere of optimism in trading, pushing the prices of 35 shares to rise, compared to 18 shares whose prices declined, while 26 securities remained unchanged at their previous levels.
During The week, the Muscat Stock Exchange witnessed one of the best trading weeks in the third quarter of this year, with sectoral indices recording a collective rise, with the financial sector index rising by 123 points, the industrial sector index recording a rise of 9 points, the services sector index also rising by 4 points, and the Sharia index rising to 444 points, recording a weekly rise of 2 points.
The market capitalisation of the Muscat Stock Exchange recorded gains of OMR137.8 million during the week, rising by the end of Thursday’s trading to OMR24.55 billion, which is the highest level of the market capitalisation of the Muscat Stock Exchange historically.
The trading volume last week rose to 98.2 million securities compared to 50.7 million securities in the previous week. The trading value last week recorded a 65 percent increase from OMR9.5 million to about OMR15.8 million, while the number of deals executed rose from 2,639 deals to 4,115 deals.
Duringthe week’s trading showed individual investors’ interest in selling as stock prices improved, heading towards accumulating liquidity to benefit from it in upcoming IPOs and building new portfolios during the coming period. Individual investors’ sales in the week amounted to 31.6 percent of the total trading value, compared to purchases at 25.4 percent of trading.
During the past week, the prices of many stocks improved, most notably the OQ Gas Networks share, which jumped to 148 baisas after remaining at 141 baisas for several weeks. In the week, the stock witnessed the execution of 1,069 transactions.
The week also witnessed an improvement in the shares of energy companies, finance companies and telecommunications companies, while banking shares closed with limited increases, except for the share of Bank Sohar International, which rose by 8.2 percent and closed at 144 baisas.
Musandam Power recorded the highest rise, rising by 23.7 percent and closing at 313 baisas, while Oman Financial Services rose to 166 baisas, up by 9.9 percent. Shell Oman Marketing rose by 8.1 percent and closed at 800 baisas. National Finance rose by 7.1 percent and closed at 150 baisas.
On the other hand, the National Gas share recorded the highest losses, declining by 14.2 percent and closing at 90 baisas, while the Oman Chlorine share fell to 440 baisas, down by 8.1 percent, the Oman Fisheries share fell to 37 baisas, recording a decline of 7.5 percent, the Majan College share fell to 101 baisas, down by 5.6 percent, and the Safa Foods share recorded a decline of 3.3 percent and closed at 380 baisas.
Sohar International Bank topped the most traded companies in terms of trading value after witnessing trading worth OMR2,713,000, representing 17.1 percent of the total trading value. OQ Gas Networks came in second place with trading worth OMR2,438,000, while Bank Muscat came in third place with trading worth OMR2,129,000. Galfar Engineering and Contracting came in fourth place with trading worth about OMR1.2 million, while Oman International Development and Investment Company (Ominvest) came in fifth place with trading worth OMR955,000, representing 6 percent of the total trading value.
In corporate news, Galfar Engineering and Contracting Company said that Nama Water Services Company has awarded it a contract to construct water distribution networks for the Wilayats of Ibri, Yanqul and Dhank in Al Dhahirah Governorate, at a value of OMR117 million. It elaborated that the project implementation period is 44 months, and confirmed that this project will enhance the company’s projects and maintain its market share within water sector projects.
