The Muscat Stock Exchange saw a decrease in trading activity last week, with the value dropping by 15.4 percent to OMR15.6 million compared to the previous week. The number of deals executed also declined by 25.5 percent, with the market value recording a loss of OMR23.5 million by the end of Thursday’s trading. Shell Oman Marketing Company’s share registered the highest increase among traded shares, rising by 17.3 percent, while Oman Fisheries share led the losing stocks, declining by 13.5 percent.
In the bonds and sukuk market, the Oman Finance Free Bonds 2020 recorded the highest increase, rising by 27.2 percent. OQ Gas Networks, Voltamp Energy, and Bank Muscat were the most traded companies in terms of trading value, accounting for about 45 percent of the total trading value witnessed by the Muscat Stock Exchange last week.
In corporate news, Packaging Company Limited invited its shareholders to attend the Extraordinary General Assembly meeting on September 30 to study the Board of Directors’ proposal to convert the company from a public joint stock company to a closed joint stock company. The company had obtained initial approval from the Financial Services Authority for the conversion proposal, with a foreign investor set to purchase all shares at a price of OMR1.950 per share.
Despite the overall decrease in trading activity, some companies saw significant increases in their share value. Al Madina Investment Holding Company’s share rose by 10 percent, Muscat Insurance Company’s share by 6.6 percent, and National Bank of Oman’s share by 4.8 percent. Ominvest’s share also rose by 3.7 percent. However, Oman Fisheries share led the losing stocks, declining by 13.5 percent, followed by Salalah Mills share falling by 6.7 percent.
With the Muscat Stock Exchange experiencing a decline in trading activity and market value last week, investors will be closely monitoring upcoming developments in the market and individual companies. The upcoming Extraordinary General Assembly meeting of Packaging Company Limited to consider its conversion to a closed joint stock company will be of particular interest to shareholders. Additionally, the performance of companies such as Shell Oman Marketing Company and Oman Finance Free Bonds 2020, which saw significant increases in their share values, will be closely watched in the coming weeks.
