The Muscat Stock Exchange (MSE) saw a significant increase in trading value during the week, with the value rising to OMR9.5 million from OMR8.5 million in the previous week. This 12.4 percent rise was driven by investors’ interest in shares of leading companies and the bonds and sukuk market. The bond and sukuk market also experienced a notable increase, surpassing OMR775,000 compared to OMR169,000 in the previous week. Companies such as Bank Muscat, OQ Gas Networks, Bank Nizwa, Omantel, and Abraj Energy Services were among the most traded companies, accounting for 68 percent of the total trading value.
Bank Muscat led the pack with a trading value of OMR1.6 million, followed by OQ Gas Networks at OMR1.5 million, Bank Nizwa at OMR1.2 million, Omantel at OMR1.1 million, and Abraj Communications Services at OMR963,000. The number of executed transactions also increased by 7.1 percent, reaching 2,639. Investors showed interest in companies like OQ Gas Networks, Renaissance Services, Galfar Engineering & Contracting, Abraj Energy Services, Bank Muscat, Omantel, and Bank Sohar International, which accounted for 60.3 percent of the total transactions executed.
The market value of the Muscat Stock Exchange rose to OMR24.42 billion by the end of the week, marking a weekly gain of OMR27.2 million. The industrial sector index showed the best performance, rising by 12 points to close at 5,872 points. The services sector index also saw a positive performance, aided by the rise in the share of Al Nahda Services. The Sharia index maintained its level at 441 points, while the financial sector index saw losses of 80 points due to the decline in shares of banks and investment companies. The main index closed at 4,674 points, recording a decline of 18 points.
MSX experienced a decline in the prices of 37 securities, with 22 securities seeing a rise and 24 securities remaining unchanged. Notable risers included Dhofar Power Generation Company, Al Maha Ceramics Company, Oman Flour Mills Company, Al Nahda Services Company, and Voltamp Energy Company. On the other hand, Barka Water and Power Company, Fincorp Financial Centre Company, and Shell Oman Marketing Company were among the top losers.
In corporate news, Al Jazeera Services Company has called for an extraordinary general assembly meeting on September 11 to consider reducing the company’s capital from OMR11,171,000 to OMR7,820,000. The company aims to distribute the reduced capital of OMR3,351,000 to shareholders after receiving approval from the Financial Services Authority. Amidst these developments, Al Jazeera Services Company’s shares remained stable at 215 baisas after 33 transactions during the week’s trading.
