Sunday 12 / January / 2025
Muscat: The main index of the Muscat Stock Exchange (MSE) recorded new gains last week, rising for the second week in a row, benefiting from the increases recorded by leading stocks in the banking, energy and industrial sectors, amid an optimistic atmosphere that public joint stock companies listed on the bourse will announce further improvement in financial results.
The index jumped above 4,600 points in the middle of last week, but reduced its gains at the end of the week’s trading to close at 4,597 points, achieving gains of 24 points.
The financial sector index recorded the highest gains, up 74 points, the industrial sector index rose 18 points, the services sector index rose by about 12 points, and the Sharia index rose to 425 points, recording an increase of two points.
During the coming week, the Muscat Stock Exchange will receive the initial financial results of public joint-stock companies whose fiscal year ended last December. The atmosphere of optimism has pushed stock prices up, with last week witnessing an increase in the prices of 35 securities, compared to 28 securities whose prices declined and 15 securities that remained unchanged at their previous levels.
Shares of Oman Cement, Bank Muscat, Bank Sohar International, Al Safa Foods, Al Anwar Investments and energy companies such as Al Suwadi Energy, Al Batinah Energy and Al Anqa Energy supported the stock market indices, while telecom stocks tended to decline. The Muscat Stock Exchange also benefited from the interest of local investment institutions in buying, as their purchases accounted for 70.1 percent of the total trading value, compared to sales at 55.2 percent of the trading.
The market capitalisation of the Muscat Stock Exchange recorded gains of more than OMR373 million last week, rising by the end of Thursday’s trading to OMR27.96 billion.
The trading value amounted to about OMR23.4 million compared to OMR24.7 million in the previous week, recording a decline of 5 percent, while the number of deals executed recorded a slight decline, concluding the weekly trading at about 6,100 deals.
Investors focused on OQ Basic Industries, which saw trading worth OMR5.2 million, representing 22.4 percent of the total trading value. OQ Exploration and Production came in second place with about OMR4.2 million, followed by Bank Muscat, which saw trading worth OMR3.4 million.
Oman Fisheries share recorded the highest increase, rising by 11.7 percent and closing at 38 baisas. Fincorp Financial Centre share rose by 9 percent and closed at 36 baisas, and Al Suwadi Energy share rose to 73 baisas, rising by 8.9 percent.
Oman United Insurance stock was the top loser, falling by 11.2 percent and closing at 230 baisas. Muscat Gas stock fell by 9.2 percent and closed at 98 baisas, while Al Madina Investment Holding stock fell by 8 percent and closed at 46 baisas.
In corporate news, Oman International Development and Investment Company (Ominvest) said it has signed a 5-year facility agreement worth $500 million, equivalent to OMR192.50 million, noting that this financing will contribute to supporting growth plans as part of treasury management operations.
The global hotel management company that owns the Chedi Hotel announced its initial financial results, noting that the company’s net profits rose last year to OMR212,000 compared to OMR83,000 in 2023, while revenues increased by 3.9 percent from OMR7.5 million to OMR7.8 million.
