The Muscat Stock Exchange (MSX) had a positive performance last week as the main index rose for the second consecutive week, closing at 4,802 points, an increase of 10 points. The Sharia index saw a slight increase while the services sector index fell by 18 points and the industrial sector index lost 5 points. Banks listed on the Muscat Stock Exchange accounted for 39 percent of the total trading value, reaching OMR13.8 million. Sohar International Bank was the most traded company by trading value, followed by Bank Muscat and National Bank of Oman.
Despite the positive performance of the main index, the trading value decreased by 48 percent compared to the previous week, amounting to OMR27.1 million. The number of transactions executed also decreased by 15 percent. The market value of the Muscat Stock Exchange rose to OMR24.45 billion, with a weekly gain of OMR47.1 million. The prices of 32 securities rose, 25 securities declined, and 22 remained unchanged. Al Madina Investment Holdings and Oman Arab Bank stocks recorded the highest increases, while Building Materials Industry Company’s stock was among the top losers.
In corporate news, Al Hassan Engineering Company announced the approval of its shareholders to voluntarily dissolve and liquidate the company due to complete erosion of its capital. The company’s accumulated losses amounted to more than OMR77 million at the end of March, with a capital of OMR7.5 million. Gulf International Chemicals Company invited its shareholders to attend the ordinary general assembly meeting to discuss the proposal to distribute cash dividends of 3.4 baisas per share for the last financial year. The Muscat Stock Exchange continues to witness fluctuations in stock prices and trading activity, reflecting the overall market performance and investor sentiment in the region.
