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Gulf Press > Business > MSX closes lower in weekly trading
Business

MSX closes lower in weekly trading

News Room
Last updated: 2024/09/21 at 2:26 PM
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The Muscat Stock Exchange (MSX) experienced a decline in its main indices as selling pressures persisted following the announcement by OQ Exploration and Production that it would offer 25 percent of its shares for public subscription. While the offering date and subscription price were not specified, it was indicated that the shares would be available for subscription after obtaining necessary approvals from the Financial Services Authority (FSA). Interestingly, individual investors were eager to sell, accounting for 21.8 percent of the total trading value, while local and Gulf investment institutions leaned towards buying. This selling pressure resulted in a decrease in the prices of 37 securities, with only 11 securities witnessing price hikes and 21 remaining unchanged.

During the week, MSX saw a 31 percent decrease in trading value and a 40 percent decrease in the number of deals executed. The trading value dropped to OMR9.3 million from the previous week’s OMR15.6 million, with the number of deals executed falling from 3,169 to 1,606. The market capitalisation of the exchange also fell at the end of the week’s trading to OMR24.51 billion, with weekly losses amounting to OMR39.3 million. Dhofar International Development and Investment Company emerged as the top gainer, rising by 4.3 percent and closing at 238 baisas. Muscat City Desalination Company followed suit with a 2.8 percent increase, while Dhofar Beverages and Foodstuff Company recorded a 2.5 percent rise.

On the flip side, Dhofar Food and Investment Company stock experienced the most significant decline, dropping by 10 percent and closing at 63 baisas. Shell Oman Marketing and Oman Fisheries stocks also recorded declines of 9 percent and 6.2 percent respectively. Sohar International Bank was the most traded company in terms of trading value, with OMR2.3 million, representing 24.5 percent of the total trading value. OQ Gas Networks and Dhofar International Development and Investment also featured prominently in terms of trading value.

In corporate news, Sohar Power Company called for an Extraordinary General Assembly meeting to be held on October 3rd to discuss withdrawing the company’s bankruptcy petition before the Court of First Instance and authorizing the Board of Directors to handle debt restructuring agreements. Majan University College disclosed its preliminary financial results for the fiscal year ending on August 31, reporting an increase in net profits to around OMR918,000. Desert Hospitality Company also released its financial results for the nine months ending on August 31, revealing a rise in net profits to OMR1,974,000 compared to the previous fiscal year.

Overall, while the Muscat Stock Exchange encountered a decline in its main indices and trading value, there were individual securities that experienced gains amidst the selling pressures. With corporate events such as Extraordinary General Assembly meetings and financial result announcements taking place, investors will continue to monitor the market for potential opportunities and developments. It is essential for investors to stay informed about the latest news and trends in the Muscat Stock Exchange to make informed decisions about their investments.

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News Room September 21, 2024
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