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Gulf Press > Business > MSX sees slight increase in weekly trading volumes
Business

MSX sees slight increase in weekly trading volumes

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Last updated: 2024/06/29 at 1:38 PM
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The Muscat Stock Exchange (MSX) saw the main index rise during the week by 8 points, closing at 4,687 points. This recovery came after two weeks of losses, with the market value of securities listed on the exchange falling to OMR24.24 billion by the end of the week. Despite this, the number of deals executed increased, reflecting cautious movements by investors ahead of the conclusion of trading in the first half of the year. The industrial sector index recorded the highest losses, while the financial sector index declined and the services sector index rose slightly.

Investors focused on the shares of companies like Bank Muscat and Bank Sohar International during the week’s trading. Bank Muscat was the most traded company in terms of trading value, accounting for 17.8 percent of the total trading value. Prices of 21 securities saw gains, led by Raysut Cement and Sembcorp Salalah. However, 38 securities recorded a decline, with companies like Barka Water and Power and Al Anwar Investments seeing losses. Raysut Cement recorded the highest gains, following a judicial ruling that convicted former executives and board members.

Raysut Cement’s rise was against the backdrop of accumulated losses over the past few years, leading to a decline in shareholders’ equity. The company has been ordered to pay OMR50.1 million and has suffered significant erosion of its capital. The annual general assembly of Al Anwar Investments approved the distribution of cash dividends and free shares, causing the company’s stock to decline during the week.

Shares of Barka Water and Energy, Dhofar Beverages and Foodstuffs, Muscat Gases, and Oman and Emirates Holding Company all saw declines during the week. Barka Water and Energy shares recorded the highest loss, closing at 253 baisas. Dhofar Beverages and Foodstuffs share declined by 9.6 percent, while Muscat Gases shares fell by 7.8 percent. Oman and Emirates Holding Company shares fell by 4.7 percent during the week.

In conclusion, the Muscat Stock Exchange’s main index saw a recovery during the week, following two weeks of losses. Despite this recovery, there were declines in the market value of securities listed on the exchange. Investors were cautious in their movements, focusing on companies like Bank Muscat and Bank Sohar International. The week saw gains in prices of some securities, led by Raysut Cement, while other companies like Barka Water and Power and Al Anwar Investments experienced declines. This week’s trading highlighted the volatility in the Muscat Stock Exchange and the impact of external factors on trading patterns.

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News Room June 29, 2024
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