Friday 22 / November / 2024
Muscat: Trading on the Muscat Stock Exchange (MSX) jumped to OMR149.3 million during the week compared to OMR14 million in the previous week, benefiting from the listing of OQ Exploration and Production Company (OQEP), which has been transformed into a public joint stock company with 8 billion shares. The nominal value of each share of OQEP is 10 baisas.
OQEP witnessed trading of 373.2 million shares, worth OMR 138.3 million, representing 92.6 percent of the total trading value. The stock also witnessed the execution of 18,161 deals, accounting for 85 percent of the total number of executed deals, amounting to 21,278.
OQ Exploration and Production was listed on October 28 at a price of 390 baisas per share, but the stock failed to record any gains amid offers to sell below the listing price as individual Omani investors tended to sell, especially those who benefited from bank financing offers.
The stock opened at 375 baisas, which raised concerns among individual investors, prompting them to reduce their offers, which led to the stock falling to 355 baisas, witnessing the execution of many deals close to the level of its offering to Omani individuals, which is 351 baisas per share. However, it recovered part of its losses at the end of weekly trading to close at 365 baisas, down 25 baisas from the listing price, recording a decline of 6.4 percent. The stock also witnessed the execution of large-volume private deals at the listing price of 390 baisas.
The listing of OQ Exploration and Production was reflected in the total market capitalisation of the Muscat Stock Exchange, which rose by the end of Thursday’s trading to OMR27.42 billion compared to OMR24.74 billion in the previous week.
The market value of OQ Exploration and Production by the end of Thursday’s trading reached OMR2.92 billion, topping the public joint-stock companies in market value. Bank Muscat fell to second place with a market value of OMR1.9 billion followed by Bank Sohar International in third place at OMR764 million.
