The Muscat Stock Exchange (MSX) had a positive week, with the main index increasing for the second consecutive week and closing at 4,760 points, up 14 points. The market capitalization of the exchange also rose to OMR24.57 billion, recording weekly gains of OMR18.5 million. The trading value increased by 17 percent to OMR18.5 million, with the number of deals executed rising by 3.4 percent. Local investment institutions were the main players in the market, accounting for 59.5 percent of the total trading value.
Investors focused on OQ Gas Networks, pushing the stock up to 150 baisas, with Bank Muscat, Abraj Energy Services, Ominvest, and Bank Sohar International also witnessing significant trading volumes. The week saw an increase in the prices of 32 shares, with Al Batinah Development and Investment Company recording the highest increase by 28.5 percent. On the other hand, Oman Chrome stock was the leading loser, declining by 13.6 percent.
In corporate news, Al Madina Investment Holding Company announced its decision to reverse its conversion from a public joint stock company to a closed joint stock company. The Financial Services Authority is taking appropriate measures regarding this matter, emphasizing the importance of adhering to regulations. Despite this news, the company’s share fell by 9 percent last week.
Overall, the Muscat Stock Exchange had a positive week, with the main index showing gains and the market capitalization increasing. Local investment institutions were the main drivers of trading activity, with focus on specific stocks like OQ Gas Networks. The week also saw a mix of companies recording gains and losses, with Al Batinah Development and Investment Company and Oman Chrome stock standing out. It will be interesting to see how the market performs in the coming weeks, particularly in light of any further corporate developments.
