Saturday 18 / January / 2025
Muscat: The market value of Muscat Stock Exchange (MSX) recorded new gains during the week, exceeding OMR28 billion, benefiting from the positive atmosphere witnessed by the bourse with the announcement of the initial financial results of public joint stock companies, which showed an improvement in performance and an increase in profits.
The market value of securities listed on the Muscat Stock Exchange rose by the end of the week’s trading to OMR28.95 billion, recording weekly gains of OMR132.2 million. OQ Exploration and Production lead the public shareholding companies in terms of market value, which reached OMR2.72 billion by the end of trading on Thursday, while Bank Muscat ranks next with a market value of OMR1.95 billion and Sohar International Bank market value was reported at OMR933 million.
During the past few days, public joint stock companies announced their initial financial results, which were positively reflected in stock prices and Muscat Stock Exchange indices, amid optimistic expectations that companies would announce good dividends to shareholders. Stocks were able to recover from the declines witnessed last year, with the week witnessing an increase in the prices of 30 securities, compared to 28 securities whose prices declined and 20 securities that remained unchanged at their previous levels.
The main index of the Muscat Stock Exchange registered new gains during the week, rising by about 24 points and closing at 4,621 points. The financial sector index rose by 72 points, industrial sector index recorded gains of 70 points, the Sharia index rose by 4 points, while the services sector index recorded a decline of 15 points, affected mainly by the decline in energy companies’ shares.
The trading value during the week witnessed a decline of 27 percent to reach OMR16.9 million compared to about OMR23.4 million Omani rials in the previous week, and the number of deals executed decreased by 29 percent from 6,098 deals to 4,289 deals. OQ Exploration and Production topped the most traded companies in terms of trading value after witnessing trades of about OMR6.5 million, representing 38.3 percent of the total trading value. OQ Basic Industries came in second place with a trading value of about OMR1.3 million Omani rials, Bank Sohar International witnessed trades valued at OMR1.21 million, representing 7.2 percent of the total trading value.
Voltamp Energy shares topped the gainers, rising by 18 percent and closing at 479 baisas. National Detergents shares rose by 9.8 percent and closed at 780 baisas, while Ahli Bank shares rose to 181 baisas, recording a rise of 9.7 percent.
Gulf Hotels, Oman stock was the top loser, declining by 9.9 percent and closing at 3 rials and 510 baisas. Al Anwar Ceramic Tiles stock fell by 9.3 percent and closed at 97 baisas, and Oman and Emirates Investment Holding Company stock fell by 6.7 percent and closed at 69 baisas.
